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GTBank Posts N 38 Billion Net Profit For 3Q

By on October 20, 2011

GTBank, the financial institution formerly known as Guaranty Trust Bank, and one of Nigeria’s most well governed institutions has released quite impressive 3Q earnings figures.

Revenue grew 17.7 % to N 126 Billion from N 107 Billion in Q3 2010. Likewise Profit Before Tax was up 31.6% to N 47.4 Billion from N 36 Billion over the same period last year.

PAT also grew 32% to N 38 Billion from N 29 Billion in Q3 2010.
The banks fixed assets were up 12% to N 49 Billion.

The bank increased its lending over the period extending loans and advances to the tune of N 667 billion, an improvement of 18% over the previous quarter’s N 0.56 trillion.

Deposits in the bank grew to N 0.89 Trillion, an increase of 24.6% over the previous year’s N 0.7 trillion.