GTBank profit grows marginally by two% in1Q

Guaranty Trust Bank GTBank has recorded marginal growth for its first quarter financial result as its profit after tax increased by two per cent. The Bank’s results submitted at Nigerian Stock Exchange showed that profit after tax rose from N22.556 billion posted the previous year to N23.110 billion at end of March 2014.  The profit before tax declined by two per cent from N28.491 billion achieved in the comparative period to N28.006 billion.

An analysis of the result showed that the Bank’s gross earnings rose by six per cent to N67.577 billion from N63.863 billion recorded the previous year while interest income went up by seven per cent to N48.527 billion from N45.269 billion in the preceding year. The Net interest Income in the same vein rose by four per cent to N34.738 billion from N33.442 billion in the corresponding period of 2013 while the banks deposit improved by three per cent from N1.443 trillion in the comparative year to N1.489 trillion. The net assets advanced by six per cent to N352.892 billion from N332.353 billion.

Meanwhile the shareholders of the bank recently at the annual general meeting approved a total dividend pay out of N50 billion which translated into N1.70 kobo per share. The bank’s full year result for 2013 financial year showed that the result showed that the bank’s  gross earnings  grew by 8.8 per cent from the N223.06 billion recorded in 2012 to N242.67 billion, while it posted a profit before tax of N107.09 billion, 3.94 per cent growth compared with N103.03 billion recorded  the previous year.
Total assets and contingents rose by 21.21 per cent from N1.6 trillion achieved in comparable period of 2012  to N2.1 trillion.  The shareholders’ fund grew from N281.83 billion in 2012 to N332.35 billion in 2013.

The Managing Director of the bank, Mr, Segun Agbaje at the AGM said  that the bank intended to consolidate its position in 2014 by pioneering service innovations, developing value adding products within all markets, promoting excellence and creating role models for society through a myriad of social and other initiatives.
“The year 2013, was a successful operating period for our bank as despite the various challenges we faced during the year and the uncertainties that prevailed in the domestic and global business environment, we still overcame and retained our position as one of the foremost and most profitable financial institutions in Nigeria today,” he added.