Guaranty Trust Bank accumulates US$ 472m profit in nine months

NIGERIA – Guaranty Trust Bank Plc (GTB), one of Nigeria’s leading multinational financial institutions has declared a profit before tax of US$471.86 million (N170.7billion) for the period ended September 30, 2019.

GTB’s financial statement revealed that the Profit Before Tax (PBT) grew by 3.9 per cent from the US$453.89 million (N164.2billion) recorded in the same period in 2018.

The bank’s Profit after tax improved to US$406.35 million (N147.0billion) from US$393.08 million (N142.2billion) recorded in 2018.

GT Bank’s interest income dropped by 5.6 per cent to US$619.75million (N224.2billion) from US$656.51 million (N237.5billion in 2018).

The drop in interest income was attributed to the 6.2 per cent decline in interest income on loans and advances and 7.1 per cent drop in interest income on fixed income securities.

However, non-interest income grew by 2.1 per cent to US$281.40 million (N101.8billion), largely as a result of the 19.9 per cent growth in fee and commission income, as well as growth in other income comprising recoveries, discounts, rebate commissions and mark to market gains on trading investments.

The banks also grew its total assets to US$9.73 billion (N3.52trillion) from US$9.09 billion (N3.29trillion) in 2018 while net loans and advances increased from US$3.48 billion (N1.26trillion) to US$3.81 (N1.38trillion).

Deposits from customers also increased by 5.1 per cent to US$6.61 billion (N2.39tn) from US$6.27 billion (N2.27trillion) recorded in 2018.

The bank also reported an improvement in non-performing loan ratio, from 7.3 per cent in 2018 to 5.6 per cent.

GT Bank’s Managing Director/Chief Executive Officer, Mr Segun Agbaje, said the bank’s third quarter result reflected the strength of its franchise and the quality of its business strategy to deliver sustainable long-term value for shareholders.

He revealed that going into the final quarter of the year, the bank would continue to differentiate itself by maintaining a high standard in service delivery and leveraging its resources, expertise and network to enrich the lives of customers.

Agbaje added that the bank would also be holding its fashion weekend to give indigenous small businesses the platform and access to new markets and customers that they need to grow.

 Nigeria’s air space to be dominated by foreign airlines as bilateral air service agreement rise to 92

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.