GTB net profit hits N90bn

Guaranty Trust Bank Plc has announced a profit after tax of N90.024bn for the financial year ended December 31, 2013.

The bank’s financial statements for the period shows the figure represents a four per cent increase on the N86.687bn it posted for the previous year.

The bank’s financial statements for the period, which were posted on the Nigerian Stock Exchange’s website showed that its profit before tax also appreciated by four per cent. It rose from N103.028bn in 2012 to N107.091bn in 2012.

Also, GTB’s gross earnings rose by nine per cent to N242.665bn in the financial year under review, from N223.065bn in 2012, while its net interest income was up by five per cent to N136.939bn in 2013, from the N130.686bn realised in the previous year.

According to the financial statements, the bank’s basic earnings per share edged higher by four per cent to N3.17, from N3.06 in 2012.

While its profits and earnings were modest, the bank’s deposits grew significantly by 23 per cent. Total deposits rose from N1.172tn at the end of 2012 to N1.443tn in 2013.

GTB, which offers retail, corporate and investment banking services, among other services, is one of the 30 top companies listed on the NSE in terms of market capitalisation and liquidity.

According to the financial statements, the bank has proposed a dividend payment of N50.033bn, subject to the approval of its shareholders at its Annual General Meeting scheduled to take place in Lagos on April 14, 2014.

At its Annual General Meeting in April 2013, the bank had declared a total dividend payment of N45.62bn for the 2012 financial year with the General Manager, Mr. Segun Agbaje, assuring shareholders that the board and management of the bank intended to continuously reward them for the confidence and support reposed in them.


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