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GTBank Plc records interest income of N228.23 billion in nine months

By David Oladele

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GTBank
GTBank CEO, Segun Agbaje

Guarantee Trust Bank “GTBank” Plc., has announced an interest income of N228.23 billion in nine months in 2020 compared to N224.19 billion same period in 2019 – an increase of 1.80%.

This was contained in a financial statement of the bank posted on Nigerian Stock Exchange (NSE)’s website on Thursday, November 19.

Below are the key highlights for 2020 – nine months:
  • Interest income increased to N228.23 billion +1.80% YoY
  • Interest income on effective rate increased to N219.54 billion, +0.09% YoY
  • Interest income on financial assets increased to N8.68 billion, +79.60% YoY
  • Income from fees and commission income decreased to N37.40 billion, -22.69% YoY.
  • Income from net gains on financial instruments increased to N18.99 billion, +96.89% YoY.
  • Revenue from other income increased to N45.34 billion, +3.46% YoY.
  • Net impairment charge increased to N3.11 billion, +2709.95% YoY.
  • Loan impairment charges increased to N10.14 billion, + 267.35% YoY.
  • Fees and commission expense increased to N4.67 billion, +148.45% YoY.
  • Other operating expenses increased to N60.07 billion, +9.92% YoY.
  • Depreciation and amortization increased to N21.57 billion, +39% YoY.
  • Pre-tax profits decreased to N167.35 billion, -1.93% YoY.
  • Earnings Per Share declined to N5.02, -3.28% YoY.

Speaking about the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment.

“It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff, and the unwavering support we continue to enjoy from all our stakeholders, in our drive to deliver best-in-class financial services and superior and sustainable returns.”

“As an organization, we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”

GT Bank Plc recorded increased interest income in the period under consideration; although, fees and commission income declined.

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Even though the company recorded increased interest income, pre-tax profits and EPS declined in the period under consideration.

@TechEconomyNG connects past-present-emerging technological impacts on Businesses, People and Cities. All Correspondence to: [email protected]

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