Nigeria Update: GTBank records N142 billion profit in Q3
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Guaranty Trust Bank (GTB) Plc has announced a profit of N142.22 billion for the third quarter ended September 30, 2018.
This was contained in the bank’s third quarter results released on the Nigerian Stock Exchange (NSE), yesterday.
The report showed that the profit after tax represented a growth of 13.6 per cent as against N125.58 billion achieved in the corresponding period of 2017.
Its profit before tax rose to N164.25 billion from N150.03 billion recorded in the preceding period of 2016, while earnings per share went up to N5.03 from N4.44 in 2017.
Further analysis by the bank showed that interest income surged to N237.55 billion from N248.27 billion in the comparative period of 2016, an increase of 4.4 per cent, while interest expense appreciated to N66.9 billion as against N58.7 billion, resulting to net interest income of N170.64 billion during the period under review from N189.57 billion in the preceding period.
Net fee and commission income stood at N37.84 billion from N32.1 billion reported in third quarter, 2017, loans and advances to customers dropped to N1.27 trillion from N1.45 trillion in December, 2017, while deposits from customers increased to N2.24 trillion compared to N2.1 trillion in December, 2017.
Also, the result showed that total assets declined from N3.35 trillion as at December 2017 to N3.43 trillion under the review, while total liabilities inched up to N2.9 trillion from N2.73 trillion in December, 2017.
Chairman of GTBank, Mrs. Osaretin Demuren at the bank last annual general meeting held in Lagos assured shareholders that the lender will continue to deliver good returns to them.
According to her, GTBank will continue to take advantage of huge openings in the market to come up with good yields like the lender did last year in its financial statements.
“On our part, we are optimistic about the future and will continue to position ourselves to take advantage of the immense opportunities in the market in which we operate in order to grow our earnings, improve profitability and deliver returns to the shareholders.”
