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.

A 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.

However, 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.

The 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 revealed.

Source: Business Post, August 16, 2019