GT Bank Earns More Amidst Economic Turmoil |The Source

By Fola James

GT Bank Plc has released its Half Year (H1) financials, ending June 30, 2020 to the Nigerian Stocks Exchange, NSE coming barely 24 hours after the bank notified the Regulator of delay in filing the report.

The bank, keen industry watchers insist is one of the few DMBs that have now filed their reports pursuant to the provisions of Rule 17:20 (g): Financial Reporting and Periodic Disclosure, Rulebook of the NSE, 2015.

The Segun Agbaje led Deposit Money Bank had earlier on Monday notified the Exchange that the lender will release report to the general public as soon as the Central Bank of Nigeria, CBN gave approval.

The reports indicate that gross earnings increased by 1.7 percent to N225.139 billion, from N221.870 billion while profit stood at N99.133.

The Bank had informed the NSE of the meeting of its board of directors on July 22, which considered the audited HI 2020 financial statements after which it was sent to the CBN for approval.

“Pursuant to the post-listing requirements of the Nigerian Stock Exchange for quoted companies, Guaranty Trust Bank Plc hereby informs you that the board of directors of our bank is scheduled to meet on Wednesday, July 22, 2020, to consider the audited financial statement for the half-year ended June 30, 2020. Issues relating to half-year dividend may also be discussed at the meeting,” the bank said in the notice to the NSE.

Recall that GTBank Plc reported a net interest income of N64.28 billion in Q1 2020 as against N53.58 billion in Q1 2019.

The tier-1 bank’s profit before tax, PBT also grew by 2.1 per cent to N58.2 billion, up from N57 billion in Q1 2019, while Profit after tax, PAT increased from N49.3 billion in Q1 2019 to N50 billion in Q1 2020.

The forward moving bank closed last week’s trading on the NSE with a share price of N20.80, according to figures obtained by The Source magazine form NSE.

Meanwhile, the bank has assured the general public that it will continue to invest in critical economic sectors to promote sustainable growth and development.