A perusal of the first quarter 2021 unaudited financial statement of Guaranty Trust Bank Ghana (GT Bank Ghana) by norvanreports, indicate the bank for the first quarter made a profit of Ghs 81.9 million.
The profit made for Q1 2021 represents an increase of Ghs 15 million when compared to the same period last year when the bank made a profit of Ghs 66.9 million.
The bank’s profit year-on-year profit growth was supported by increment in its interest income and operating income (revenue).
Interest income recorded at end-March 2021 amounted to Ghs 101 million from the 2019 figure of Ghs 79 million.
Operating income also increased by more than Ghs 30 million ending Q1 2021 at Ghs 162 million as against the Ghs 130 million recorded for Q1 2020.
Assets of GT Bank for the period ending Q1 2021, as verified per its Q1 2021 financial statement was valued at Ghs 4.71 billion.
This represents an increase of some Ghs 635 million when compared to the Ghs 4.08 billion recorded for Q1 2020.
Increment in the bank’s total assets value was mainly driven by a surge in the bank’s cash and cash equivalents which more than doubled from Q1 2020 to Q1 2021.
Cash and cash equivalent recorded at end-March 2021 was Ghs 1.01 billion whereas cash and cash equivalent recorded for Q1 2020 was Ghs 598 million.
With respect to liabilities, the bank also witnessed its total liabilities grow by Ghs 554 million on a year-on-year basis driven mainly by deposits from customers.
Total liabilities increased from Ghs 3.07 billion in Q1 2020 to Ghs 3.62 in Q1 2021.
Non-Performing Loans (NPLs) as a ration of gross loans made from December 2020 to March 2021, increased from 0.98 percent to 1.02 percent respectively, recording a slight deterioration the bank’s asset quality.
The bank’s Capital Adequacy Ratio (CAR) also saw a drop by 8.77 percentage points to end Q1 2021 at 35.08 percent. But the bank’s CAR is way above the Bank of Ghana’s regulatory 13 percent CAR.
GT Bank for the Q1 2021 declared no dividends for shareholders in adherence to the Bank of Ghana’s directive that banks in the country are not to declare dividends for 2020 and 2021.
