Nigeria’s GTBank posts N92 billion profit in six months

Guaranty Trust Bank.

GTBank Plc, one of the largest lenders in Nigeria said its profit after tax for the half year 2018 rose to N95 billion.

The result is a better performance when compared to N82 billion reported within the same period last year.

Interest income for the period fell to N161 billion compared to N161 billion reported in the previous year.

The bank’s loan impairment charges for the period came down to 2 billion compared to N7 billion disclosed for the same period last year.

GTBank said its total asset rose to N3.5 trillion versus N3.3 trillion reported last year. liabilities for the major lender rose to N3 trillion versus N2.7 trillion for the year before.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “In spite of declining yields and the challenges in the operating environment, we have delivered a decent half year result. The quality of this result is built on the strength of our businesses as well as the success of our digital-first customer-centric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives.”

He further stated that “We will continue to focus on consolidating our leading position in all the economies in which we operate by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with our customers and creating business platforms that provide them with additional benefits beyond banking.”