Guaranty Trust Bank Plc (GTBank) released its Q2 2020 results announcing a pre-tax profit of N109.7 billion for the period ended June 30th, 2020.
- Gross Earnings grew by 1.5% to N225bn from N222bn in the last quarter.
- Profit before tax declined by 5.2% to N109.7bn.
- Profit after tax declined by 7.3% to N94bn.
- Net Assets grew by 4.9% from N687bn to N721bn.
GTBank recorded an improvement in the gross earnings for the period, N225.1 billion in H1 2020 versus N221.9 billion in H1 2019.
The lender’s interest income rose to N150.5 billion from N146.5 billion, while the interest expense reduced to N26.1 billion from N32.6 billion, with the net interest income at N127.6 billion in contrast to N116.4 billion in the first half of 2019.
Also, the net interest income after loan impairment charges stood at N120.9 billion as of June 30, 2020, compared with N114.2 billion as of June 30, 2019.
GTBank stated that its personnel expenses slightly jumped to N18.8 billion from N18.6 billion as a result of an increase in the wages and salaries, which gulped N16.7 billion in H1 2020 versus N16.2 billion in H1 2019.
The board of GTBank proposed the payment of 30 kobo per share as an interim dividend to reward its shareholders.