Guaranty Trust Bank Plc, one of the best financial institution in Nigeria have posted N58.2 billion pre-tax profit within the first quarter of 2020.
The unaudited three months report for the first quarter of the year which ended March 31,2020 released by the bank revealed that profits before tax rose from N56.98 billion from first quarter of 2019 to N58.2billion in first quarter of 2020.
After tax, net profit also improved tremendously from N49.30 billion in first quarter of 2019 to N50.07 billion in first quarter 2020.
Following the superlative performance in its first quarter 2020, GTBank showered shareholders N82.4 billion as cash dividends for the 2019 business year during its Annual General Meeting (AGM) held recently.
Share holders received dividends per share of N2.50 in addition to the interim dividend of 30 kobo paid earlier, making the total dividend per share for the 2019 business year to N2.80.
Speaking about the performance of GTBank in its first quarter 2020, The Managing Director of the bank, Segun Agbaje said that the bank’s strong performance in 2019 demonstrates that it is delivery on both customers and share holder’s expectations, adding that GTBank exists to provide the best and excellent services to its customers and generate the returns shareholders are expecting.
Agbaje stated; “We achieved healthy growth across all our major business despite varying degrees of uncertainly and volatility, and we are making progress in positioning our business for long term, adding that the bank continues to be best in class in the Nigerian banking industry in terms of financial rations with post tax return on equity (ROAE) of 31.2 percent , post tax returns on assets, ROAA of 5.6 percent and cost to income ratio of 36.1 percent, Agbaje told elated shareholders at the meeting.