Guaranty Trust Bank Plc has posted a 7.3 percent surge in its profit after tax (PAT) for the nine-month period ended 18th October 2017.
The financial house released its financial results to the Nigerian Stock Exchange on Wednesday declaring a PAT of N125.6 billion as against N117.1 billion declared for the same period of 2016
The results showed that gross earnings declined by 5.9 per cent to N309.9 billion from N329.3 per cent while Interest Income soared 36.5 percent to N248.3 billion.
Net interest income came in at N189.6 billion, with a growth of 42.8 per cent as operating expenses climbed9.2 percent higher to close the period at N90.4 billion.
Profit before tax thus settled at N150.0 billion, 8.7 per cent higher than N138.0 billion recorded for the same period of 2016.
GTBank’s balance sheet showed Cash and its equivalents grew 32 percent to N602.1 billion from N455.9 billion at the end of 2016 financial year while Loans and advances dropped 10.2 percent to N1.4 trillion.
Deposits dropped 7 percent to N1.97 trillion and Net assets grew 15 per cent to N581.9 billion
Financial ratio analysis showed GTB cost to income ratio stood at 36.3 per cent against 29.8 per cent previously recorded. Loans to Deposits stood at 72.5 per cent compared to 75.3 per cent in December 2016 and Return on Average Equity (ROAE) declined to 30.8 per cent from34.5 per cent recorded 9 months ago.
Investors reaction to the results on Wednesday was indifference as the stock closed flat at N41.70 same as previous day’s closing price.