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GTB posts N79 billion gross earnings in Q1 unaudited result


GTBank. Image source adesojiadegbulu

GTBank. Image source adesojiadegbulu

Guaranty Trust Bank Plc said its unaudited financial results for the first quarter ended March 31, 2015, to the Nigerian and London stock exchanges, showed gross earnings of N79.02 billion.

According to the bank, the first quarter result also showed that it continued on a strong growth trajectory, re-affirming its position as one of the most profitable and well-managed financial institutions in Nigeria.

The bank’s gross earnings of N79.02 billion, represented a 17 per cent growth from N67.58 billion recorded in the comparative period of 2014, underpinned by strong growth in interest income and effective management of operating expenses and cost of risk.

Profit before tax rose to N32.65 billion, an increase of 17 per cent from N28.01 billion reported in Q1 2014, while profit after tax of N26.56 billion was recorded, a 15 per cent increase over the N23.11 billion in the first quarter of 2014.

The financial institution also closed the period with total assets and contingents of N3.15 trillion, deposit base of N1.69 trillion and shareholders’ funds put at N357.59 billion.

The bank’s non-performing loans improved to 3.06 per cent in the first quarter from 3.40 per cent in the comparative period of 2014, while the loan book grew by 28 per cent to close at N1.3 trillion in the period under review, from N1.02 trillion in 2014.

The Managing Director and Chief Executive Officer of Guaranty Trust Bank, Segun Agbaje, said that “a major focus for the bank this year is to strengthen market positions with distinctive customer propositions in chosen segments in order to deliver long-term sustainable and efficient growth as well as strong shareholder returns.”

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