Guaranty Trust Holding Company Plc has recorded a profit before tax (PBT) of ₦93.1 billion, representing a dip of 15.2 per cent when compared to ₦109.7 billion achieved in 2020.

According to the bank, the slide in PBT is attributable to the harsh operating environment and the effect of the COVID-19 crisis on businesses.

The group’s transactional income maintained an upward trajectory as shown in fees and commission income, which grew by 44.7 per cent from ₦26.5 billion in H1 2020 to ₦38.3billion in H1 2021.

The bank explained that the structure and earning capacity of the group’s balance sheet remains strong with total assets closing at ₦5 trillion.

This, according to the bank, is primarily driven by a four per cent increase in deposit liabilities from ₦3.6 trillion in December 2020 to ₦3.8 trillion in June 2021 and a slight dip in loans (net) by 1.8 per cent from ₦1.7 trillion as at December 2020 to ₦1.6 trillion in June 2021.

Commenting on the financials, the Group Chief Executive Officer of the bank, Segun Agbaje, said the results reflected the bank’s commitment to building a track record of solid financial performance as well as its innovativeness to ensure they stay ahead of trends at all times.

He pointed out that the capital adequacy ratio (CAR) remained very strong, closing at 24 per cent while asset quality was also sustained as the non-performing loan (NPL) ratio and cost of risk (COR) closed at six per cent.

“We are counting on the enduring support of our loyal customers and the hard work of our dedicated staff to continually make end-to-end financial services easily accessible to everyone and to create the best outcomes for all our customers and the communities in which we operate,” he said.

Going forward, he said the bank would focus on bringing to bear the full benefits of its new corporate structure by consolidating its position in all the economies where the franchise operates.

He also stated that the bank will also diversify its earnings from core banking as well as continue to empower businesses across Africa and beyond to generate long-term returns for shareholders.