GTBank Impairment Loss Rose by 531%

GTBank

GTBank has released its half year 2016 result showing the bank’s impairment charges rose by 530.9% to 37,5 billion compared to NGN5,9 billion loss provisions made for bad loans last year.

GTBank’s gross interest income fell by 3.6% to NGN109,7 billion compared to NGN113,8 billion recorded within the same period last year.

However, as a result of the bank’s impressive growth in its other incomes, to NGN60,5 billion compared 1,1 billion recorded last year, the net profit for the year rose to NGN51,8 billion versus NGN26,8 billion recorded for the same period last year.

Earnings per share for the profit from continuing operations attributable to the equity holders of the parent entity during the period rose to NGN1.84 kobo compared to NGN0.95 kobo for last year.

GTBank’s total assets now stands at NGN2,9 trillion versus its net liabilities which stood at NGN2,4 trillion.