GTBank gets $175m loan from IFC

The International Finance Corporation (IFC) has lent $175 million to Guaranty Trust Bank (GTBank) to expand its lending portfolio in Africa’s biggest economy, the private arm of the World Bank said on Tuesday.

The IFC said the financing comprises $100 million for IFC’s own account and $75 million through an IFC managed co-lending portfolio. GTBank is a top tier commercial lender with 233 branches in Nigeria.

In its 2014 full year results, GTBank grew its gross earnings by 14.8 per cent to N278.5 billion, from N242.7 billion recorded in 2013. Interest income rose by 8.2 per cent from N185.4 billion to N201 billion, while interest expenses rose by 20 per cent from N48.4 billion to N58.2 billion. However, credit impairment charges soared by 146 per cent from N2.9 billion to N7.1 billion. Similarly, operating expenses increased by 14.9 per cent to N95.7 billion, from N82.4 billion in 2013.

Commenting on results released last week, the Managing Director/CEO of GTBank, Mr. Segun Agbaje, said the financial performance attested to the inherent soundness of its strategy and resilience of its earnings.

[ThisDay]

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