GT Bank records GHS 542m net profit for Q3 2023; grows CAR to 36%
The bank’s asset expansion was predominantly underpinned by substantial growth in cash and cash equivalents, rising from GHS 1.8 billion to GHS 2.3 billion. Additionally, investment securities played a pivotal role in asset growth, surging to GHS 5.3 billion from GHS 2.2 billion during the same period.
Guaranty Trust (GT) Bank per its third-quarter financial results, reported a substantial net profit of GHS 542 million in Q3 2023, representing a remarkable increase of GHS 193 million from the previous year’s net profit of GHS 349 million.
The bank’s remarkable profit growth was primarily driven by a substantial increase in revenue, which surged from GHS 710 million in Q3 2022 to a staggering GHS 1 billion in Q3 2023, underscoring the bank’s ability to generate significant income.
GT Bank’s total assets witnessed impressive growth, surging to GHS 10 billion within the review period, up from the total asset value of GHS 7.2 billion recorded in Q3 2022. This remarkable GHS 2.8 billion increase in asset value on a year-on-year basis reflects the bank’s commitment to bolster its financial standing.
The bank’s asset expansion was predominantly underpinned by substantial growth in cash and cash equivalents, rising from GHS 1.8 billion to GHS 2.3 billion. Additionally, investment securities played a pivotal role in asset growth, surging to GHS 5.3 billion from GHS 2.2 billion during the same period.
GT Bank’s liabilities also experienced growth, reaching GHS 8.1 billion in Q3 2023, up from GHS 5.6 billion in Q3 2022. Notably, customer deposits constituted a significant portion of these liabilities, rising to GHS 8 billion by the end of Q3 2023, up from GHS 5.3 billion in Q3 2022.
GT Bank’s Capital Adequacy Ratio (CAR) at the end of Q3 2023 stood at an impressive 36.3%, significantly surpassing the industry standard of 14%. The bank’s CAR in Q3 2022 was 33.4%, indicating a substantial improvement in capital adequacy.
