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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

 

2nd January, 2014

 

Nigerian-based bank, Guaranty Trust Bank, has acquired a 70 per cent stake in Fina Bank.



Balivada Rao, the managing director of Fina Bank Rwanda, a subsidiary of the Kenyan-based lender, confirmed the buy-out over the week.



Rao said the deal will benefit clients and the bank in terms of products innovation and service delivery.



The takeover deal is worth about $100m (Rwf67.5b).



Earlier in July, 2013, GTBank and the shareholders of Fina Bank entered into a share sale and purchase agreement for the acquisition of the stake. The agreement was, however, subject to customary regulatory approvals from the central bank.



The development means that all Fina Bank branches across the region; in Kenya, Uganda and Rwanda will now be renamed and rebranded as subsidiaries of GTBank, Rao said.



GTBank joins a list of other West African banks, including Ecobank and Access Bank, which have ventured into the East African region to tap into its fast-growing economies and opportunities.

 

 

Source: www.newtimes.co.rw

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