GTBank Posts N196.85bn Profit in 2019

• GTBank Posts N196.85bn Profit in 2019

Guaranty Trust Bank Plc, one of Nigeria’s leading lenders and the largest bank by market value, on Monday reported Profit After Tax (PAT) of N196.849 billion for the year ended December 31, 2019.

In the financial statements released through the Nigerian Stock Exchange (NSE), the bank grew PAT from N184.711 billion in the same period of 2018 to N196.849 billion in 2019.

Net interest income also surged from N222.433 billion recorded a year ago to N231.363 billion, while net interest income after loan impairment charges grew from N217.527 billion to N226.451 billion in 2019.

The lender generated net fee and commission income of N59.443 billion, up from N50.470 billion achieved in the same period of 2018.

The bank’s profit before tax rose from N215.586 billion filed in 2018 to N231.707 billion in 2019. Income tax stood at N34.842 billion in 2019, up from N30.875 billion in 2018.

Earnings per share both basic and diluted climbed from N6.54 and N6.54 to N6.96 and N6.96, respectively.

The bank’s total assets also grew from N3.287 trillion in 2018 to N3.758 trillion in 2019.

While total liabilities surged from N2.711 trillion recorded in 2018 to N3.071 trillion in 2019. The bank’s total equity expanded from N576.277 billion to N687.337 billion in 2019.

Accordingly, total equity and liabilities rose from N3.287 trillion to N3.758 trillion in the year ended December 31, 2019.

Growing uncertainty following the report of Coronavirus case in Nigeria plunged the bank’s shares to N23 per unit share on Friday as investors sold off their shares to curb risk exposure.

With the impressive 2019 financial statements, the shares should pick up this week as investors are likely to return back to it given its strong fundamentals and the fact that no additional coronavirus case has been reported.