Guaranty Trust Bank Plc has recorded 59.56 per cent growth in Profit after Tax (PAT) for the third quarter ended September 30, 2016.
The group in a filing with the Nigerian Stock Exchange (NSE) showed positive growth across financial metrics with profit after tax of N119.927 billion, representing a growth of 59.56 over N75.160 billion recorded in the corresponding period of June 2015. Profit before tax stood at N140.837 billion as against N92.062 billion, a year earlier, accounting for a 52.98 per cent growth.
Interest income for the period grew by 5.17 per cent to N181.909 billion from N172.963 billion reported in the September 2015. Guaranty Trust Bank recorded 44.79 per cent growth in profit before tax for the half year ended June 30, 2016 as profit before tax stood at N91.381 billion over N63.111 billion recorded in the corresponding period of June 2015.
Profit after tax stood at N77.461 billion as against N53.373 billion, a year earlier, accounting for a 45.13 per cent growth. Gross earnings for the period grew by 37 per cent to N209.9 billion from N153 billion reported in the June 2015; driven primarily by growth in fee and commission income as well as foreign exchange income.
The bank’s loan book grew by 14 per cent from N1.37 3 trillion recorded as at December 2015 to N1.562 trillion in June 2016 with corresponding growth in total deposits, which increased by 23 per cent to N2.008 trillion from N1.637 trillion in December 2015. Further analysis revealed that the bank closed the half year ended June 2016 with total assets and Contingents of N3.42 trillion and Shareholders’ Funds of N453 billion.
The bank’s non-performing loans remained within regulatory threshold at 4.39 per cent with adequate coverage of 170.1 per cent Commenting on the financial results, the Managing Director/ CEO of Guaranty Trust Bank, Mr. Segun Agbaje, said: “Going into the year, we knew it would be a challenging year and we prepared for it by focusing on effective management of the balance sheet and adapting our business model to changing market variables. The quality of our past decisions enabled us navigate the challenges that persisted in the business environment most of the half year period.”
