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GTBank Releases Q1 2017 Unaudited Results... Reports Profit before Tax of ₦50.39Billion

GTBank Releases Q1 2017 Unaudited Results... Reports Profit before Tax of ₦50.39Billion

Lagos, Nigeria – April, 2017   Guaranty Trust Bank plc has released its unaudited financial results for the quarter ended March 31, 2017 to the Nigerian and London Stock Exchanges.A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Gross earnings for the period grew by 39% to ₦104.66billion from ₦75.39billion reported in March 2016; driven primarily by growth in interest income. Profit before tax stood at ₦50.39billion, representing a growth of 64% over ₦30.68billion recorded in the corresponding period of March 2016. The Bank’s loan to customers dipped marginally by 2% from ₦1.591trillion recorded in December 2016 to ₦1.563trillion as at March 2017. Deposit from customers grew marginally by 1% from ₦1.986trillion in December 2016 to ₦2.012trillion in March 2017. The Bank’s balance sheet remained strong with a 1.6% growth in Total Assets... Read More

GTBank to buy 70% of Kenya’s Fina Bank for $100million.

 

October 17th, 2013   

Guaranty Trust Bank Plc, Nigeria’s largest lender by market value, agreed to pay about $100 million for 70 percent of Kenya’s Fina Bank Ltd. The deal is subject to regulatory approvals in Kenya, Nigeria, Rwanda and Uganda, the GTBank said in an e-mailed statement last week. 

Chief Executive Officer Segun Agbaje said in April that Guaranty Trust Bank plc, which operates in six countries outside Nigeria, was targeting East African nations for their “appreciable gross domestic product GDP, growing investments and ease of doing business.”

Fina Bank had loans of $184 million and customer deposits of $285 million at the end of March, filings show. 

Profit, excluding income from discontinued operations, rose 69 percent to N87.2 billion ($541 million) in 2012 from a year earlier, GTBank said on April 2.

GTBank rose 0.2 percent to N26.42 on Friday, October 11, 2013 in Lagos. The stock has advanced 15 percent this year compared with a 25 percent gain for the 10-member Nigerian Stock Exchange Banking Index.

  

 

Source: www.businessdayoline.com

 

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