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2011 Earnings: GTBank Deposits North of N 1 trillion, Net Income at N 52 billion

By Afolabi Ogunde on March 19, 2012

GTBank has released its 2011 financial statements. The bank reported a 23% change in Earnings from N 153 billion in 2010 to N 188 billion in 2011.

The bank also reported a 28% increase in operating income, up from N 120 billion in 2010 to N 155 billion in 2011.

Profit before Tax also increased 35% to N 65 billion in 2011 from N 48 billion in 2010.

The bank also reported a N 2.7 billion extraordinary gain, most likely from the sale of GT Assurance to a consortium of investors.

Net income rose 37% to N 52 billion in 2011 from N 38 billion in 2010.

The bank improved lending by 20% to N 715 billion in 2011.

Also deposits grew 35% to N 1 trillion over the financial year.

The bank has proposed an interim dividend of 25 kobo and a final dividend of 85 kobo for its shareholders.