GTBank Grows Nine Months’ PAT by 13% to N142 Billion

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Guaranty Trust Bank Plc yesterday reported gross earnings of N337.22 billion for the nine months ended September 30 2018. GTBank Plc Q3 2018 results for the period ended September 30th, 2018 was released to the market on 17th October 2018. The Bank recorded an 8.83% increase in Gross earnings when compared to the corresponding period in 2017.

The bank recorded a PBT and PAT at ₦164.2 billion and ₦142.2 billion naira respectively representing an increase of approximately 9.5% and 13.3% respectively. In addition, the bank’s interest expenses increased minimally by approximately 14% from ₦58.7 billion in 2017 to ₦66.9 billion in 2018 and this can be attributed to the increase in deposits from banks and customers.

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The bank’s loan impairment charges declined by 79.2% year on year to ₦1.7 billion from ₦8.4 billion recorded in 2017. The bank recorded an increase in operating
income and this can be attributed to the 102% increase in the net gains from financial instruments in 2018.

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According to the bank’s management, overall, GTBank’s performance in the Q3-18 period was impressive, with top and bottom lines posting 16 per cent and 11 per cent y/y growth, respectively.

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