GTBank grows net profit to GHS 220m; assets value hit GHS 12.2bn in Q1 2024
Total asset value of Guaranty Trust (GT) Bank, rose to GHS 12.2bn at the close of the first quarter of this year – 2024.
Compared to the GHS 8.4bn total asset value recorded same period last year – Q1 2023 – this indicates a year-on-year increase of some GHS 3.8bn in assets value.
A perusal of the Bank’s Q1 2024 financial statement reveals that the growth in assets value was driven by increments in cash and cash equivalents (GHS 3.09bn) and investment securities (GHS 5.8bn).
Loans and advances to customers which also account for the growth in assets value, increased slightly to GHS 1.8bn at end-Q1 2024.
Liabilities of GTBank driven mainly by deposits from customers rose to GHS 10bn at the end of the first quarter of 2024.
Deposits from GTBank customers grew by some GHS 3bn yoy to GHS 9.8bn from GHS 6.8bn in Q1 2023.
Growth in deposits indicates customer confidence in the bank and further strengthens GT Bank’s credit creation ability.
Net profit recorded by GTBank for the review period amounted to GHS 220m, a significant improvement from the GHS 189m net profit recorded same period last year.
GTBank recorded an improvement in its capital adequacy ratio (CAR) with the bank’s CAR reaching 39.16% at end-Q1 2024 from 29.01% at end-Q1 2023.
The bank’s 39.16% CAR at end-Q1 2024 is triple the Bank of Ghana’s regulatory minimum CAR of 13%.
Regarding the bank’s loan asset quality, GTBank witnessed a marginal deterioration in its loan asset quality as its non-preforming loan ratio inched up from 3.04% in Q1 2023 to 3.82% in Q1 2024 indicating a slight weakening of the bank’s loan recovery mechanisms.
