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GTBank records N125.58bn profit in third quarter

Market Digest Nigeria GTB

Guaranty Trust Bank (GTB) Plc on Wednesday posted profit of N125.58 billion for the third quarter ended Sept. 30, 2017. The News Agency of Nigeria (NAN) reports that this is according to the bank’s third quarter result released by the Nigerian Stock Exchange (NSE). The report showed that the profit represented a growth of N8.49 billion or 7.21 per cent as against N117.08 billion achieved in the corresponding period of 2016.

Its profit before tax rose to N150.03 billion from N137.99 billion recorded in the preceding period of 2016. Further analysis by the bank showed that total assets surged to N3.21 trillion from N3.12 trillion reported at the end of 2016 financial year. The bank’s total liabilities inched up to N2.63 trillion from N2.61 trillion in Dec. 2016.

Also, the result showed that interest income surged to N248.270 billion from N181.91 billion in the comparative period of 2016. Net interest income stood at N189.58 billion during the period under review from N132.75 billion in the preceding period. Fee and commission income dropped from N50.410 billion reported last financial year to N39.676 billion while, Net fee and commission income declined to N37.977 billion in September this year from N48.134 billion reported in Dec. 2016.

Loan impairment charges stood at N8.36 billion from N57.08 billion reported in the same period of 2016, representing a drop of N48.73 billion or 85.36 per cent. (NAN)

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