GT Bank posts strong loan asset; grows profit to Ghs 234m in Q3 2021
Guaranty Trust (GT) Bank for the third quarter of 2021 posted a strong loan asset quality recording non-performing loans (NPLs) of 1.6 percentage points of gross loans made by the bank.
The strong loan asset quality posted by GT Bank for the period under review is despite an increase in the bank’s NPLs by 0.62 percentage points from the previous year’s NPL of 0.98 percent.
Of the Ghs 1.63 billion loans and advances made to customers, the bank’s NPLs in monetary terms translates into some Ghs 26.1 million.
The marginal increment in the bank’s NPLs had a marginal impact on the bank’s profit as GT Bank’s profit grew by Ghs 36 million year-on-year.
Recorded profit for the third quarter of 2021 was Ghs 234 million from the previous year’s profit of Ghs 198 million.
Accounting for the increase was the bank’s net interest income which grew from Ghs 199 million to Ghs 250 million.
The bank’s revenue or operating income also increased from Ghs 393 million to Ghs 479 million.
Total assets value for the review period amounted to Ghs 5.08 billion recording a year-on-year increase of Ghs 1 billion when compared to the Q3 2020 figure of Ghs 4.08 billion.
Accounting for the rise in the bank’s total assets value were increments in its cash and cash equivalents, non-pledged trading assets, loans and advances to customers.
Recorded liabilities for the period amounted to Ghs 3.94 billion from last year’s value of Ghs 3.07 billion.
Increments in the bank’s liabilities were fueled by increases in deposits from customers which grew from Ghs 2.99 billion to Ghs 3.68 billion.
With regards to its Capital Adequacy Ratio (CAR), GT Bank at end-Q3 2021 recorded a CAR of 33 percent, 20 percent more than the Bank of Ghana’s regulatory 13 percent minimum Capital Adequacy Ratio.
Examine details of financial statement below
2021 Q3 Financials by Fuaad Dodoo on Scribd
