GTBank Reports N120bn Profit in Nine Months

• GTBank Reports N120bn Profit in Nine Months

Guaranty Trust Bank on Wednesday announced a 59 percent increase in profit for the nine months ended September, following an improvement in foreign exchange.

The leading fintech bank reported a profit after tax of N119.9 billion, up from N75.2 billion recorded in the same period in 2015, while gross earnings surged to N329.284 billion, a 43.5 percent increase when compared with N229.4 billion generated in the same period in 2015.

Accordingly, net interest income surged 10.5 percent to N132.7 billion from N120.13 billion, while net fees and commission income rose 28.2 billion to N37.5 billion.

However, net impairment loss on financial assets rose 570 percent from N8.5 billion recorded in 2015 to N57 billion. Other incomes from foreign exchange revaluation gains rose from N6.957 billion to N93.95 billion.

Evaluating third quarter performance, analysts have said the report showed strong performance, with a solid N49 billion profit before tax that beats consensus estimates and N46 billion profit after tax, but noted that the profit was largely due to N4.3 billion comprehensive income generated in the quarter and foreign exchange translation gains.

The financial institution reported similar success in the first half of the year, after announcing N91.38 billion half-year pre-tax profit, up from N63.11 billion declared in the same period in 2015.

Despite economic recession, the leading lender has continued to set the pace in the industry, built on its vibrant fintech platform and effective customer service.