GTBank reports Q3 PBTof N140.8bn

Guaranty Trust Bank plc has released its audited financial results for the nine-month ended September 2016 to the Nigerian Stock Exchange with profit before tax gaining 53 per cent to N140 billion from N92.1 billion recorded in prior nine-month of 2015.

Interest income for the period grew by 5.2 per cent to N181.9billion from N172.96 billion reported in September 2015 while Interest expenses dropped by seven per cent to N49.2 billion from N52.8 billion to thrust Net interest income by 10.5 per cent from N120 billion to N132.7 billion in September 2016.

Further analysis revealed that the Bank closed the nine-month ended September 2016 with Total Asset increased by 22.5 per cent from N2.5 trillion recorded in December 2015 to N3.09 trillion as at September 2016 and Shareholders’ Funds  increased by 19 per cent to N492 billion.

The Bank’s loan to customers grew by 14 per cent from N1.37 trillion recorded as at December 2015 to N1.6trillion as at September 2016 with corresponding growth in total deposits which increased by 27 per cent to N2 trillion from N1.6 trillion in December 2015.

During the second half results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, had said “Going into the year, we knew it would be a challenging year and we prepared for it by focusing on effective management of the balance sheet and adapting our business model to changing market variables.

‘’The quality of our past decisions enabled us navigate the challenges that persisted in the business environment most of the half year period”

Whilst expressing his sincere appreciation to customers for their loyalty, and to staff for their hard work and commitment, he added that “While the current economic realities present some challenges to growth, we remain committed to our ideals of staying positive, delivering exceptional service to our customers and adding value to all stakeholders”.