Guaranty Trust Bank Plc released its unaudited financial results for the nine months ended September 30, 2019, showing gross earnings of N324.262 billion. This was down three per cent from N334.711 billion in the corresponding period of 2018.
Net interest income rose to N172.937 billion from N170.641 billion in 2018, while net fee and commission income rose to N46.497 billion, compared with N37.84 billion in 2018. Loans impairment charges increased from N1.736 billion to N2.761 billion.
Profit before tax (PBT) stood at N170.651 billion, up 3.9 per cent from N164.245 billion, while profit after tax (PAT) grew by 3.4 per cent to N146.989 billion as against N142.224 billion in 2018.
Looking the results, analysts said the bank’s performance had not been adversely affected as of yet. “The result was in line with expectations as gross earnings declined while profitability expanded moderately. The performance was underpinned by non-funded income growth, as interest income growth continues to lag the prior year,”