Guaranty Trust Bank Plc (GTBank) has released its unaudited Interim Financial Statements for the third-quarter (Q3) ended September 30, 2019.
The Tier 1 lender reported Profit Before Tax (PBT) of N170.65billion, which represents an increase of 3.9percent when compared with PBT of N164.24billion in Q3’2018, according to its scorecard released on Wednesday, October 16, 2019, at the Nigerian Stock Exchange (NSE).
Following the impressive result, investors rushed to raise its equity bet which led to its share price rising from N26.65 to N27, adding 35kobo or 1.31percent.
GTBank gross earnings of N326.03billion in Q3’19 as against N 337.27billion it earned in Q3’18 represents a decline of about 3.3percent.
Profit After Tax (PAT) of N146.99billion against N142.22billion in Q3’18, it implies a 3.4percent increase. Interest Income decreased by 5.6percent to N224.18billion compared with N237.54billion in Q3’18.
The group’s Net Interest Income of N172.93billion in Q3’19 as against N170.64billion in Q3’18 represents 1.3percent increase. GTBank’s loan impairment loss of N2.76billion as against N1.73billion in Q3’18 shows growth of 59percent; Non-Interest Income (NII) of N99.96billion against N97.21billion in the corresponding third-quarter period of 2018 represents an increase of 2.8percent.
GTBank grew its Loans and Advances to customers by 6.8percent to N1.451trillion from a corresponding year low of N1.359trillion.
Deposits from customers stood higher by 5.1percent to N2.390trillion in Q3’19 from a low of N2.273trillion in Q3’18.
The group’s Cost to Income Ratio (CIR) of 37.8percent in Q3’19 as against 41.1percent in Q3’18 represents a decline of 3.3percent, while Loan to Deposits Ratio (LDR) of 54percent in Q3’19 against 53.5percent in Q3’18 implies 0.4percent increase.
