GUARANTY TRUST BANK (GHANA) LIMITED

UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2021
The Board of Directors of Guaranty Trust Bank (Ghana) Limited is pleased to present the summary financial information of the Bank’s interim unaudited results for the period ended 30 June, 2021.

CONDENSED STATEMENT OF COMPREHENSIVE June June CONDENSED STATEMENT OF CASH FLOWS FOR THE June June
INCOME FOR THE PERIOD ENDED 30 JUNE 2021 2021 2020 PERIOD ENDED 30 JUNE 2021 - continued 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Interest income calculated using the effective interest method 214,239 153,110 Net interest income (167,918) (131,783)
Other interest income 19,016 12,522 Income tax expense 82,741 57,576
Interest expense (65,337) (33,849) Lease liability finance charges 2,111 1,743
Net interest income 167,918 131,783 Change in loans and advances to customers (358,677) (63,450)
Fee and commission income 75,411 56,524 Change in trading assets and investment securities (198,060) 610,948
Net trading income 61,710 50,682 Change in other assets (7,420) (91,030)
Net income from other financial instruments carried at fair value through profit or loss 24,514 26,415 Change in deposit from banks 240,083 (241,346)
Revenue 329,553 265,404 Change in deposits from customers 484,046 419,940
Other income 570 157 Change in other liabilities 18,095 11,433
Net impairment on financial assets (1,402) (562) Interest income received 233,255 165,632
Personnel expenses (29,656) (26,776) Interest expense paid (65,337) (33,849)
Amortisation of prepaid leases (1,129) (808) Interest paid on lease liability (2,111) (1,743)
Depreciation and amortisation (9,529) (9,039) Income tax paid (57,422) (37,155)
Finance charge (2,111) (1,743) Financial sector clean-up levy paid (5,252) -
Other operating expenses (49,893) (34,714) National fiscal stabilisation levy paid (11,975) (7,557)
Profit before income tax expense and national fiscal stabilisation levy 236,403 191,919 Net cash generated from operating activities 352,106 792,579
National fiscal stabilisation levy (11,820) (9,866) Cash flows from investing activities
Financial sector clean-up levy (5,966) - Purchase of property and equipment (7,965) (2,188)
Income tax expense (64,955) (47,710) Purchase of intangible assets (161) (166)
Profit after income tax expense and national fiscal stabilisation levy 153,662 134,343 Proceeds from sale of property and equipment 666 17
Other comprehensive income: Net cash used in investing activities (7,460) (2,337)
Items that are or may be reclassified subsequently to profit or loss Cash flows from financing activities
Changes in fair value of instruments at FVOCI - net of tax 473 - Lease liability payments (5,974) (2,988)
Profit for the period and total comprehensive income 154,135 134,343 Dividends paid (100,999) -
Net cash used in financing activities (106,973) (2,988)
CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021 June December Net increase in cash and cash equivalents 237,674 787,254
2021 2020 Cash and cash equivalents at 1 January 612,255 423,746
Effect of exchange rate fluctuations (1,102) 20,329
GH¢’000 GH¢’000 Cash and cash equivalents at 30 June/ 31 December 848,827 1,231,329
Assets NB: Cash and cash equivalents at period end for the purpose of cash flows is inclusive of Treasury Bills of 91 days or less contractual maturities.
Cash and cash equivalents 742,192 598,073
Non-pledged trading assets 1,019,508 439,593
Loans and advances to customers 1,414,792 1,057,580
Investment securities 997,280 1,647,945 CONDENSED STATEMENT OF CHANGES Stated Statutory Credit Other Income Total
Pledged assets 361,330 - IN EQUITY FOR THE PERIOD ENDED Capital Reserve Risk Reserves Surplus
Property and equipment 108,819 104,652 30 JUNE 2021 Fund Reserve
Intangible assets 3,139 3,603 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Deferred tax assets 2,195 2,195
Other assets 234,868 227,448 Balance at 1 January 2021 404,895 325,000 16,245 - 261,280 1,007,420
Total Assets 4,884,123 4,081,089 Profit / other comprehensive income for the period - - - 473 153,661 154,134
Liabilities Total comprehensive income - - - 473 153,661 154,134
Deposits from customers 3,479,439 2,995,393 Transfers
Deposits from banks 240,083 - Transfer from credit risk reserve - - - - - -
Current tax liabilities 14,600 6,507 Transfer to statutory reserve - 38,415 - - (38,415) -
Deferred tax liabilities 3,435 3,277 Total transfers - 38,415 - - (38,415) -
Provision on off-balance sheet items 396 460 Balance at 30 June 2021 404,895 363,415 16,245 473 376,526 1,161,554
Other liabilities 85,614 68,032
Total liabilities 3,823,567 3,073,669
Equity
Balance at 1 January 2020 404,895 257,667 13,520 - 112,190 788,272
Stated capital 404,895 404,895
Credit risk reserve 16,245 16,245 Profit for the year - - - - 269,331 269,331
Statutory reserve 363,415 325,000 Total comprehensive income - - - - 269,331 269,331
Other reserves 473 - Transfers
Income surplus 275,528 261,280 Transfer from credit risk reserve - - 2,725 - (2,725) -
Total shareholders’ funds 1,060,556 1,007,420 Transfer to statutory reserve - 67,333 - - (67,333) -
Total Liabilities and Equity 4,884,123 4,081,089 Total transfers - 67,333 2,725 - (70,058) -
Transaction with shareholders
Dividends paid - 67,333 2,725 - (70,058) -
CONDENSED STATEMENT OF CASH FLOWS FOR THE June June
Balance at 31 December 2020 404,895 325,000 16,245 - 261,280 1,007,420
PERIOD ENDED 30 JUNE 2021 2021 2020
GH¢’000 GH¢’000
Cash flows from Operating Activities Significant Accounting Policies
Profit for the period 154,135 134,343 The Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by
Adjustments for:
the International Accounting Standards Board (IASB) and adopted by the Institute of Chartered Accountants, Ghana (ICAG) in the
Depreciation and amortization 9,529 9,039
Impairment on financial assets 1,401 562 preparation of the Financial Statements for the period ended 30 June 2021. All December 2020 figures are audited.
Profit on disposal of property and equipment (274) (17)
Loss on derivative assets - 10,387 Going Concern
Fair value gains on non-pledged trading assets (473) (9,252) We have no plans or intentions, for example to dispose off the business or cease operations that may materially alter the carrying value
Foreign exchange loss/ (gains) 1,666 (11,842) or classification of assets and liabilities reflected in the financial statements.

Quantitative Disclosures June June Risk Management Framework

2021 2020 As a Bank, risk is at the core of our operations. To manage it, we have designed a Risk Management Framework covering the
i. Capital adequacy ratio (per CRD) 33.31% 42.61% strategic framework, organisational structure, risk appetite, operational framework and risk monitoring and reporting.
ii. Non-performing loan (NPL) to gross loan (BOG basis) 0.96% 2.97%
iii. Loan loss provision ratio 0.40% 0.72% Nature of Business
iv. Liquidity ratio 67.42% 82.13% The Bank is licensed to carry out Universal Banking business in Ghana. There was no change in the nature of the Bank’s
v. Leverage ratio 16.74% 19.78% business for the period ended 30 June 2021.
vi. Contingents (GHS’000) 306,625 112,755
Holding Company
Qualitative Disclosures The Bank is a subsidiary of Guaranty Trust Bank Plc, a company incorporated in the Federal Republic of Nigeria and licensed to
The Bank’s dominant risks are: credit risk, liquidity risk, market risk, operational risk and foreign exchange risk. The processes carry out universal banking business.
followed in risk measurement and their management for the period ended 30 June 2021 are consistent with those followed for the
year ended 31 December 2020. The financial statements do not contain untrue statements, misleading facts or omit material facts to the best of our
knowledge.
Defaults in statutory liquidity and accompanying sanctions June June
2021 2020 Signed: Signed:
Default in statutory liquidity (No. of times) nil nil Kwasi M. Tagbor Thomas Attah John
Sanctions for statutory liquidity default (GHS’000) nil nil Board Chairman Managing Director
Other Regulatory breaches
Number of breaches nil 1
Total sanctions (GHS'000) nil 26

Just Dial for unique banking solutions ... wouldn’t you rather bank with us? I www.gtbghana.com