In Q4 '20, sales expanded by around 26% y/y and 11% q/q to NGN23.6bn (highest level since Q4 '18). However, EPS declined by around 8% to NGN0.53, due to a contraction in animal feeds and paints segment margins. The company in H2 '20 concluded the sale of 51% stake in UPDC to Custodian Investment Plc.
GTBank management has guided to a FY '21 PBT of NGN243bn ( 2% y/y). Excluding last year when PBT was broadly in line with guidance, the bank's earnings have exceeded guidance by at least c.5% over the last three years.