GTBank records N125.58bn profit in third quarter despite 5.9% drop in gross earnings

Guaranty Trust Bank (GTB) Plc on Wednesday posted profit of N125.58 billion for the third quarter ended September 30, 2017. This is despite gross earnings falling 5.9 percent year-on-year from N329.3 billion in the corresponding period of 2016 to N309.9 billion.

The bank’s third quarter results released by the Nigerian Stock Exchange (NSE) indicates that the declared profit represented a growth of N8.49 billion or 7.21 percent 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 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.

Earlier in the week, UBA reported gross earnings of N333.92 billion with profit before tax (PBT) of N78.3 billion, representing a significant growth of 33.2 percent as against N58.8 billion recorded in the similar period of 2016.