GTBank Reports N50bn Profit in Q1, 2020

• GTBank Reports N50bn Profit in Q1, 2020

Guaranty Trust Bank Plc, one of Nigeria’s leading financial institutions, on Wednesday reported N50.06 billion profit after tax for the period ended March 31, 2020.

This was moderately higher than N49.302 billion achieved in the same period of 2019.

In the unaudited financial statements released on the Nigerian Stock Exchange website, the lender net interest income rose from N58.217 billion in the same period of 2019 to N64.282 billion in the first quarter (Q1) of 2020.

Accordingly, net interest income after loan impairment charges surged from N57.565 billion to N63.058 billion in the Q1, 2020.

The bank’s net fee and commission income declined from N18.010 billion to N13.553 billion due to the drop in fee and commission income generated during the period under review.

The lender, however, was able to grow profit before income tax to N58.204 billion, up from N56.984 billion filed in the corresponding quarter of 2019.

Total assets of the bank rose by almost N200 billion to N4.057 trillion during the period under review, up from N3.758 trillion in December 2019.

Also, the bank’s liability increased from N3,071 trillion to N3,396 trillion in Q1, 2020.

Similarly, the lander’s total equity stood at N661,066 billion at the end of the quarter, down from N687,337 billion recorded in the final quarter of 2019.