GTBank grows gross earnings by 44%

GTBank grows gross earnings by 44%

GTBank grows gross earnings by 44%

The Guaranty Trust Bank Plc recorded a growth of 44 per cent in gross earnings in its unaudited financial results for the third quarter ended September 30, 2016.

The lender closed third quarter with gross earnings of N329.3bn, from N229.4bn reported in the corresponding period of September 30, 2015.

The result, which was released to the Nigerian and London Stock Exchanges, showed positive growth across all key financial metrics and improved strategic positioning of the brand.

The gross earnings growth, the bank explained, was driven by growth in fee and commission income as well as foreign exchange income.

Its profit before tax stood at N140.84bn, representing a growth of 53 per cent from N92.06bn recorded in the corresponding period of September 2015.

The bank said its loan book grew by 19.6 per cent from N1.372tn recorded in December 2015 to N1.640tn in September 2016.

It closed the third quarter with total assets of N3.093tn and shareholders’ funds of N483.4bn.

The bank’s non-performing loans remained at 4.13 per cent, with Return on Equity and Return on Assets closing at 35.31 per cent and 5.69 per cent, respectively. Commenting on the bank’s financial results, its Managing Director/CEO, Segun Agbaje, said, “The bank’s strong performance is a reflection of the continued support of our customers, hard work of our workers and the commitment of the management and board to manage the bank for long-term sustainable returns.”

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