When Agbaje took over the leadership baton at GTBank in 2011, the bank’s total balance sheet size according to the bank’s 2010 audited financial results stood at N1.08 trillion. By the end of 2014, GTBank has N2.126 trillion in total assets after rising from N1.904 trillion in 2013, N1.620 trillion in 2012 and N1.523 trillion at end of Agbaje first anniversary as Chief Executive. By the year end 2015, GTBank total assets expanded to N2.524 trillion. Between 2011 and 2014, Agbaje expanded loans and advances to customers the same way he doubled customers’ deposits. In 2011, the bank’s loan to customers expanded from N574.255 billion to N679.358 billion, then to N742.436 billion in 2012, N926.967 billion in 2013 and the first trillion mark in 2014 when loan to customers upped at N1.182 trillion. By the year end 2015, loans to customers had swelled up to N1.371 trillion.
Following the same growth trajectory, Agbaje grew customers deposit to N1.439 trillion in 2014, from N962.486 billion in December, 2011. As at year end 2010 result signed off by his predecessor, customers deposit book was N711.038 billion. As at 2015, the bank has increased its customers deposit liabilities to N1.610 trillion. GTBank’s total equity also expanded fast and furiously as the need to grow balance sheet increase amidst its industry players. Equity capital base of the lender upped from N216.445 billion in 2010 to N369.530 in 2014 having expanded from N329.646 billion in 2013, N286.539 billion in 2012 and N234.180 billion in 2011. By the year end 2015, GTBank total equity had surged to N413.562 billion.
The 2020 Audited Financial Result
GTBank’s gross earnings expanded 4.58% year on year to NGN455.23 billion in 2020 on the back of a relatively strong growth in non-interest income. In the year, the bank non-interest income swelled up 11.06% above amount reported in financial year 2019. Interest related income surged marginally at 1.53% as a result of low interest rates environment that underscore the Nigerian economy. The bank’s net interest margin (NIM) contracted, albeit slightly, to 9.26% from 9.28% in 2019, supported by efficiency in deposit mix. In 2020, the Bank reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019.
The Bank also continues to post the best metrics in the Nigerian Banking industry in terms of key Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%. GTBank shareholders have approved for the bank’s metamorphosis into a financial conglomerate with a Holdco Structure. However, the Bank noted that the process is in the final stage of regulatory approval, as such, operations in 2021 will run as HoldCo for at least half of 2021.