GTBank Declares 30 Kobo Dividend in H1 2020, Posts N109.7bn Profit

Guaranty Trust Bank Plc posted interest income of N127.615 billion in the six months ended June 30, 2020, against the N116.361 billion posted in the same period of 2019.

In the financial statement published on the Nigerian Stock Exchange website, the lender realised fee and commission income of N24.729 billion but incurred fee and commission expense of N2.435 billion in the period under review. This is in contrast to the N35.349 billion fee and commission income and N1.505 billion incurred in expense in the corresponding period of 2019.

Accordingly, GTBank posted a net fee and commission of N22.293 billion in the first half of 2020, down from N33.843 billion achieved in H1 2019.

The bank realised profit before tax of N109.714 billion in H1 2020, down from N115.787 realised in the same period of 2019.

The drop in profit is due to the surge in operating expenses by over N10 billion from N39.439 billion in H1 2019 to N49.549 billion in H1 2020. Also, loan impairment charges surged from N2.186 billion posted in the first half of 2019 to N6.769 billion in H1 2020.

The surged in expenses may be due to the provisions made for COVID-19 lockdown to sustain operations and ensure customers access their funds despite zero movement.

Therefore, profit after tax declined from N99.133 billion in H1 2019 to N94.271 billion in H1 2020.

The bank declared an interim dividend of 30 kobo per ordinary share of 50 kobo for the period under review. Only shareholders whose names appear in the Register of Members as at the close of business on Tuesday, September 15, 2020, for ordinary shareholders and on September 3, 2020 for holders of the Bank’s Global Depository Receipts (GDR).