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Published On: Sun, Oct 26th, 2014

GTB soars by 9.3%

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Guaranty Trust Bank gtbank logoStories from Ngozi Onyeakusi, Lagos

Guaranty Trust Bank Plc has posted revenue worth N199 billion for its third quarter ended September, 2014, representing a growth rate of 9.3 per cent when compared with N182 billion recorded in the comparable period of 2013.

However, the banks unaudited financial result submitted to the Nigeria Stock Exchange (NSE), showed its profit after tax dropping to N67 billion from N69 billion posted in 2013.

The bank in its second quarter audited financial results for the period ended June 30, 2014, declared a 25 kobo dividend to its shareholders.

According to the report from the Exchange, GTBank’s turnover hit N132.985 billion as at half year 2014 compared with N124.202 billion in comparable period 2013.

Interest income from loan and advances grew by eight percent to N99.72 billion from N92 billion. Other growing indices are investment and operating income which grew by 2 per cent to close at N32.3 billion.

However, profit before and profit after tax dropped compared with previous year, as the pre-tax profit went down by seven percent to stand at N53.4 billion while net profit for the period is N44.01 billion against N49.01 billion 2013.

The bank had recorded modest growth in gross earnings in the first quarter, though its bottom-line was suppressed by relatively higher interest and operating expenses.

First quarter report of GTBank for the period ended March 31, 2014 showed that while gross earnings rose by 6.0 per cent, profit before tax slipped marginally by 2.0 per cent. Net profit after tax however inched up by 2.0 per cent.

The performance of the bank across the profit and loss accounts and the balance sheet was tight with slight increases in key balance sheet items. Deposits rose by 3.0 per cent while loans and advances inched up by one per cent. Net assets rose by 6.0 per cent.

Gross earnings stood at N67.58 billion in first quarter 2014 as against N63.86 billion in comparable period of 2013. Profit before tax dipped from N28.49 billion to N28.01 billion. Profit after tax inched up from N22.56 billion to N23.11 billion. Earnings per share thus increased by similar ratio from 80 kobo to 81 kobo.

Customer deposits rose from N1.44 trillion in first quarter 2013 to N1.49 trillion in first quarter 2014. Loans and advances increased marginally from N1.01 trillion to N1.02 trillion. Net assets rose by 6.0 per cent from N332.35 billion to N352.89 billion.

 

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