GTBank Grows HY’19 Pre-Tax Profit to N116bn
The board of Guaranty Trust Bank Plc on
Friday announced the audited financial statements of the company for the
first half of 2019 and in the brief analysis done by Business Post, the performance was not below expectations.
For example, the lender improved its
profit before tax by 5.67 percent to N115.8 billion from 109.6 billion,
while the profit after tax increased by 3.66 percent to N99.1 billion
from N95.6 billion.
look at the top line showed that the bank recorded a net interest
income of N116.4 billion in the period under review against N117.9
billion in the corresponding period of last year, while the loan
impairment charges of N2.2 billion in H1 2019 versus N2.0 billion in H1
2018 left the net interest income after impairment charges at N114.2
billion in the first half of this year in contrast to N115.9 billion in
the first half of last year.
fee and commission income recorded in the period under consideration
rose to N35.4 billion from N27.4 billion, while the fee and commission
expense remained flat at N1.51 billion versus N1.50 billion.
According to the financial results, the
net fee and commission income closed as at June 30, 2019 at N33.8
billion against N25.9 billion as at June 30, 2018.
It was further stated that the sum of
N18.6 billion was spent in the period on personnel expenses, same amount
expended 12 months ago, while other operating expenses reduced to N39.4
billion from N42.0 billion in H1 2018.
earnings per share of GTBank in the first half of 2019 rose to N3.50k
from N3.38k in the first half of 2018, the financial statements
Source: Business Post, August 16, 2019