GTB profit hits N82billion in nine months

Guaranty Trust Bank, GTB, Plc has announced a Profit Before Tax, (PTB) of N82.36 billion for the nine months ended September 30, 2013.

The figure according to a statement made available to the Nigerian Stock Exchange, NSE, represented a 7.12 per cent increase over the N76.89 billion that was recorded in 2012.

The bank’s Profit After Tax, (PAT) stood at N69.24 billion as against the 2012 figure of N63.73 billion representing an 8.65 percent increase.

The results also indicated that the bank’s gross earning inched up to N181.96 billion from N166.48 billion that was recorded in 2012.

A further analysis of the results revealed that GTB total assets for the period under review was N1.875 trillion as against the N1.73 trillion of December 2012.

The bank’s customers’ deposit has also increased from N1.148 trillion as at the end of December 2012 to N1.271 trillion in 2013 while its earnings per share was N2.44 as against the previous year figure of N2.25.

In his comment on the results, the Managing Director/Chief Executive Officer, GTBank, Mr. Segun Agbaje, said the continued support of its customers, hard work and strong corporate governance standards was responsible for the bank’s success.

He declared that the bank’s major objective in 2013 was to add value to its stakeholders through excellent customer service delivery, innovative products and value adding services.

Agbaje added that, “It is the bank’s belief that success on these fronts would enable it deepen its share of market across all sectors and improve profitability, despite today’s extremely challenging business environment”.

The bank recently introduced, “GTBank social banking platform”.

This is a service offering, which allows people on social networks like the Facebook have banking relationships as well as perform basic banking transactions every day.

GTB has also acquired 70 percent stakes in Fina Bank of Kenya to enable it extend its reach to East Africa.