GTBank revenue hits N455bn in 2020 FY, as investors lose over N80bn

Guaranty Trust Bank (GTBank) has released its financial statements for the period ended December 31, 2020.

The lender posted revenue growth for the period, after generating N455,22 billion.

The 2020 revenue surpassed the N435,30 billion the company had reported during the corresponding period of 2019. This is despite closing partially to the public and its customers.

GTBank’s interest income declined during the period under review to N288,27 billion, settling below the N291,65 billion the bank recorded during the same period in 2019.

Also, interest expense declined, falling to N47,06 billion last year, against the N64,84 billion GTBank reported during the corresponding period a year before.

Read also: NSE: Investors gain N83.17bn despite sell-off in GTBank, Ecobank

Profit before tax, however, rose in 2020, hitting N238,09 billion during the period under review, surpassing the N231,70 billion GTBank recorded at the same period during the preceding year.

Profit after tax followed the same path, as it surpassed the N196,84 billion reported two years ago. In 2020, profit after tax rose to N201,43 billion.

Meanwhile, some of the company’s shareholders have been dumping their shares, dragging the stock price down as they exit the company. Findings by Ripples Nigeria showed that investors have been engaging in profit-taking.

Since Monday, March 15, 2021, GTBank’s stock price have been on a decline, falling from N29.95kobo per share to N28 per share on Wednesday, March 17, 2021. However, the stock’s value gained on Thursday after the release of the result.

GTBank’s stock price rose to N29.80kobo per share on Thursday, from Wednesday’s N28 per share. However, investors had lost over N80 billion between Monday and Wednesday before the stock price rallied round upon release of GTBank’s earnings.

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