Guaranty Trust Bank Ghana, last year posted an increment of Ghs 828 million in its total assets value.
Total assets value end-2020 according to the Bank’s 2020 Audited Financial Statement, amounted to Ghs 4.08 billion from a previous total assets value of Ghs 3.25 billion in 2019.
A careful analysis of the bank’s financial statement revealed that the increase in total assets was due to two items; loans and advances to customers and other assets.
Value of total loans and advances made to customers doubled from the 2019 figure of Ghs 569 million to Ghs 1.05 billion in 2020.
The surge in loans and advances to customers can be attributed to the high number of loans made to businesses and households last year when the Covid-19 pandemic was having a toll on businesses and households.
The loans made was to help keep businesses afloat and mitigate the impact of the pandemic.
Increments in loans made to businesses and households did not affect the bank’s loan quality asset as it reduced its Non-Performing Loans to 0.98 percent end-2020 from 2.66 percent end-2019.
The bank alos reduced its loan loss provision from 0.71 percent in 2019 to 0.40 percent end-2020.
Value of ‘Other assets’ of the bank increased from Ghs 93 million in 2019 to Ghs 227 million in 2020.
In terms of total liabilities recorded for 2020, value of the bank’s liabilities increased from Ghs 2.46 billion in 2019 to Ghs 3.07 billion in 2020.
The increase in total liabilities was mainly attributed to increments in deposits by customers.
The bank’s deposits for the period under review, increased to Ghs 2.9 billion end-2020 from Ghs 2.1 billion end-2019.
With regards to profit made for the year under review, Guaranty Trust Bank posted a profit of Ghs 62 million increasing its profit figure from Ghs 207 million in 2019 to Ghs 269 million in 2020.
