Guaranty Trust Bank plc said it recorded profit before tax of N53.7bn as of the end of first quarter of 2021.

It disclosed this in a statement titled ‘GTBank releases Q1 2021 unaudited results’ detailing its financial results for the period ended March 31, 2021 to the Nigerian and London Stock Exchanges.

The statement said a review of the result showed a resilient performance across all key financial metrics in the face of the unprecedented macroeconomic challenges.

This reflected the quality of past decisions and reaffirmed its position as one of the best managed financial institutions in Africa, it stated.

“The group reported profit before tax of N53.7bn, representing a drop of 7.8 per cent over N58.2bn recorded in the corresponding period of March 2020,” it stated.

Deposit liabilities increased by three per cent from N3.61tn in December 2020 to N3.717tn in March 2021, while the group’s loan book (net) dipped by 1.4 per cent from N1.66tn recorded as of December 2020 to N1.639tn in March 2021.

“Guaranty Trust Bank’s balance sheet remained well structured and diversified with total assets and shareholders’ funds closing at N4.99tn and N837.2bn respectively.

Commenting on the financial results, the Managing Director/Chief Executive Officer, Guaranty Trust Bank Plc, Mr Segun Agbaje, said, “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment.

“This is a reflection of the resilience of our franchise, our prudent approach to risk management and the efficacy of our digital-first customer-centric business strategy.”

Looking forward, he said, it was optimistic about the long-term value that it would continue to create as an organisation.