"GT Bank posts strong loan asset; grows profit to Ghs 234m in Q3 2021"

" \n GT Bank posts strong loan asset; grows profit to Ghs 234m in Q3 2021 \n \n\n \n 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. \n \n\n \n The strong loan asset quality posted by GT Bank for the period under review is despite an increase in the bank\u2019s NPLs by 0.62 percentage points from the previous year\u2019s NPL of 0.98 percent. \n \n\n \n Of the Ghs 1.63 billion loans and advances made to customers, the bank\u2019s NPLs in monetary terms translates into some Ghs 26.1 million. \n \n\n \n The marginal increment in the bank\u2019s NPLs had a marginal impact on the bank\u2019s profit as GT Bank\u2019s profit grew by Ghs 36 million year-on-year. \n \n\n \n Recorded profit for the third quarter of 2021 was Ghs 234 million from the previous year\u2019s profit of Ghs 198 million. \n \n\n \n Accounting for the increase was the bank\u2019s net interest income which grew from Ghs 199 million to Ghs 250 million. \n \n\n \n The bank\u2019s revenue or operating income also increased from Ghs 393 million to Ghs 479 million. \n \n\n \n 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. \n \n\n \n Accounting for the rise in the bank\u2019s total assets value were increments in its cash and cash equivalents, non-pledged trading assets, loans and advances to customers. \n \n\n \n Recorded liabilities for the period amounted to Ghs 3.94 billion from last year\u2019s value of Ghs 3.07 billion. \n \n\n \n Increments in the bank\u2019s liabilities were fueled by increases in deposits from customers which grew from Ghs 2.99 billion to Ghs 3.68 billion. \n \n\n \n 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\u2019s regulatory 13 percent minimum Capital Adequacy Ratio. \n \n\n \n Examine details of financial statement below \n \n\n \n 2021 Q3 Financials by Fuaad Dodoo on Scribd (function() { var scribd = document.createElement(\"script\"); scribd.type = \"text\/javascript\"; scribd.async = true; scribd.src = \"https:\/\/www.scribd.com\/javascripts\/embed_code\/inject.js\"; var s = document.getElementsByTagName(\"script\")[0]; s.parentNode.insertBefore(scribd, s); })(); \n "

"GT Bank posts strong loan asset; grows profit to Ghs 234m in Q3 2021"

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