Guaranty Trust Bank profit rose by 18% in 2017 half year result

11 plc

Guaranty trust bank plc in its financial half year report recorded 18% rise in profit to NGN101.1 billion compared to NGN85.6 billion reported same period in the financial year 2016.

The bank’s net interest income was higher at NGN129.5 billion in contrast to NGN79.1 billion posted in the previous year while impairment charges dropped to NGN7.2 billion against NGN37.5 billion in the year before.

Meanwhile, the Bank’s loan book dipped by 6% from NGN1.59trillion recorded as at December 2016 to NGN1.49trillion in June 2017 and customer deposits decreased by 1% to NGN1.96trillion from NGN1.98trillion in December 2016.

Guaranty Trust bank plc closed the half year ended June 2017 with Total Assets of NGN3.2trillion in the year in review against NGN3.1 trillion in the year before while total liabilities was NGN2.6 trillion versus NGN2.6 trillion in the year before.

For more details on the report, please click>> //www.nse.com.ng/Financial_NewsDocs/19356_G.T_BANK-AUDITED_HALF_YR_JUNE_2017_FINANCIAL_STATEMENTS_AUGUST_2017.pdf

Guaranty Trust Bank plc also known as GTBank or simply GTB is a Nigerian multinational financial institution, that offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Asset Management services, with its head office in Victoria Island, Lagos.

Guaranty Trust Bank plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in 1990 and commenced operations in February 1991.

In September 1996, Guaranty Trust Bank plc became a publicly quoted company and won the Nigerian Stock Exchange President’s Merit award. In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.