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GTBank’s Half-year Profit Drops to N53bn

News » Business

IMAGE: Mr. Segun Agbaje, the Managing Director/Chief Executive Officer, GTBank »


Guaranty Trust Bank Plc’s (GTBank’s) financial results for the half year ended June 30, 2014 showed that its pre-tax profit dipped by 6.92 per cent to N53.39 billion, N57.4billion recorded the corresponding year.
Similarly, its profit after tax declined to N44 billion as at the period under review, from N49 billion last year.

However, the results showed that the financial institution’s gross earnings rose to N132.98 billion in the six months to June 30, from N124.20 billion a year earlier.

The bank explained in the results released to the Nigerian Stock Exchange and London Stock Exchange that the drop in profit before tax was due to loan impairment charged to its profit and loss account during the period.
Furthermore, it said the impairment charge was as a result of a significant loan that “we decided to provide for following the demise of the obligor; in line with our laid down corporate governance practices.”

Nevertheless, the bank’s loan book grew by 16 per cent from N899 billion recorded as at June 2013, to N1.04 trillion in June 2014, while its total customer deposits increased by eight per cent to N1.54 trillion as at June 2014.

Commenting on the results, the Managing Director/Chief Executive Officer, GTBank, Mr. Segun Agbaje attributed the performance to the hard work of its members of staff, commitment of its management team and more importantly, continued support from its customers.

He further stated that the second half of the 2014 financial year would be a stronger period during which the bank will make positive improvements in its market positions across its key products and business segments.

A major objective for the bank this year, according to Agbaje, “is to offer our customers greater convenience and accessibility to our services using internet and mobile solutions and we have, to date achieved over a million downloads of our mobile banking app and experienced a 25 per cent increase in active internet banking users.”

Article Credit: Thisdaylive

Updated 4 Years ago

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