Earnings Update | GUARANTY | H1:2020

In the first half of the year, Guaranty Trust Bank Plc (GUARANTY)’s gross earnings were pressured by a mix of adverse regulatory conditions and the COVID-19 pandemic. Worst hit was fee-based income (net) which declined by 51.81% YoY to NGN22.29bn, despite significant volume growth across the bank’s digital and USSD banking platforms. The cap on credit related fee and revised e-banking charges were jointly responsible for the depressed fee-based income performance. Interest income growth also moderated to 3.17% YoY (vs 3.43% YoY in Q1:2020) owing to a decline in asset yield to 11.86%.

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Earnings Update – GUARANTY H12020

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