GTBank Reports Profit of N119.9 billion for FY 2015

Despite Nigeria’s macro economic difficulties prevalent, Guaranty Trust Bank Plc on Wednesday announced a profit of N119.9 billion for the nine months of year ended September 2016, a 59.6 percent growth from N75.2 billion posted in the corresponding period of 2015.

The financial Institution recorded growth across all financial parameters, with Net interest income growth of 10.5 percent to N132.7 billion from N120 billion posted in the corresponding period of 2015.

According to the results, the growth was driven primarily by a 5 percent appreciation in interest income of N181.9 billion and a 7 percent reduction in interest expense of N49.2 billion.

The banking group also recorded an increase in profit before tax by 52.9 percent to N140.8 billion from N92.1 billion.

Other highlights of the Group’s results for the period under review are Basic and Diluted earnings per share of N4.24 which is 60 percent higher than 2015’s N2.65 per share.

The Bank’s balance sheet showed that loan book grew by 20 percent from N1.372 trillion recorded as at December 2015 to N1.640 trillion in June 2016 with corresponding growth in total deposits which increased by 27 percent to N2.043 trillion from N1.610 trillion in December 2015.

The bank also recorded a 19 percent growth in net assets at N492.2 billion from N413.6 billion as at December 2015.

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