By Modupe Gbadeyanka
Pan-African lender, Guaranty Trust Bank (GTBank) Plc, on Wednesday released its earnings for the third quarter of 2017.
During the period, the bank posted a profit before tax of N150 billion compared with N138 billion it achieved in the corresponding period of 2016.
Furthermore, the financial institution recorded a profit after tax of N125.6 billion in the third quarter of 2017 against N117.1 billion posted in the third quarter of last year.
It was observed that impairment charge considerably depreciated by 85.36 percent supporting profits for the period.
As GTBank cut down its lending, the total loans and advances to customers dropped by 12.80 percent to N1.43 trillion in the period under review in contrast to N1.64 trillion in the corresponding period of 2016.
However, the net interest income rose to N189.6 billion in the first nine months of this year from N132.8 billion a year ago.
Business Post reports that GTBank’s earnings per share (EPS) for the profit from continuing operations attributable to the equity holders of the parent entity during the period increased by 7.24 percent to N4.44k from N4.14k.
