Guaranty Trust Bank posts N150b earnings in Q3
Guaranty Trust Bank Plc has posted a profit before tax of N150.03 billion in its third quarter operations, against N137.99 billion recorded in the corresponding period of 2016.
Specifically, the bank’s unaudited result for the third quarter ended September 30, 2017, showed nine per cent rise to ₦150.03 billion from ₦137.99 billion recorded 2016.
Similarly, profit after tax grew from N117 billion to N125 billion, while the increase in profit before tax is primarily from 36 per cent growth recorded in interest income.
Total assets of the bank stood at ₦3.213 trillion, while shareholders’ funds hit ₦581.91 billion.
However, its loan book contracted by 10 per cent from ₦1.59 trillion recorded in December 2016 to ₦1.43 trillion in September 2017, due to conscious efforts to de-risk the balance sheet and unwinding of trade obligations.
In terms of asset quality, the bank’s non-performing loans remained low at 3.93 per cent, with adequate coverage ratio of 212.7 per cent, while cost of risk moderated to 0.53 per cent from 3.66 per cent of comparative period of September 2016.
The Managing Director and Chief Executive Officer of the bank, Segun Agbaje, said that given the progress made in the first half of the year, the management came into the second half with the objective of remaining focused on core strategy of serving the full value chain of the customers’ needs, while also maintaining high standards of customer service.
He added that as the bank continues to drive innovation around mobile technology, it would continue to enhance the bank’s digital channels in order to make it easy for customers to use and access its products and services.
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