GTBank Posts N147bn PAT

Gross Earnings Stands At N324bn

By Fola James

Guaranty Trust Bank Plc has released its unaudited financial results for the nine months ended September 30, 2019, indicating that the bank’s gross earnings dropped to N324.262 billion compared to N334.711 billion in the corresponding period year 2018.

According to the bank, Net interest income rose to N172.937 billion from N170.641 billion in 2018, while net fee and commission income rose to N46.497 billion, compared with N37.84 billion in 2018.

The result also indicate that loans impairment charges increased from N1.736 billion to N2.761 billion. Profit before tax (PBT) stood at N170.651 billion, up 3.9 per cent from N164.245 billion, while profit after tax (PAT) grew by 3.4 per cent to N146.989 billion as against N142.224 billion in 2018.

Further analysis of the report also indicate a decline in interest income by 5.6 per cent to N224.19 billion as income from loans to customers declined by 6.3 per cent to N134.47 billion while income from cash surged by 18.6 per cent to N10.11 billion.

According to the release, interest exepense declined by 23.4 per cent to N32.63 billion while, interest on deposits from customers declined by 20.4 per cent, to N42.90 billion.

The report also show that fees/commissions income grew by 22.9 per cent to N46.50 billion, transaction volumes rose to N11.04 billion, while credit related business charges increased to N9.08 billion.