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GTBank Posts N63 billion Net Income After 9 Months

By on October 19, 2012

GTBank Managing Director, Segun Agbaje

The management of Guaranty Trust Bank (GTBank) submitted their third quarter earnings report to the Nigerian Stock Exchange yesterday.

GTBank, Nigeria’s largest bank by market capitalization, reported Gross Earnings of N154 billion, up 22% fro N127 billion over the same period last year.

Operating Expenses increased slightly by 2.4% to N49.8 billion, from N48.6 billion over the similar period in the preceding year.

The company’s provision for bad debts was N7.9 billion less than last year at N2 billion, down 80% from N9.9 billion which  was expended on the line item last year.

Profit before tax arrived at N75.6 billion, up 48% from the N50.9 billion it made in the same period last year.

The company declared a net income of N63.03 billion, up 59% from N39.7 billion made over the same period in 2011.

GTBank’s share price is currently trading at N20.25, up 43% from the beginning of the year.