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GTBank makes N110 billion profit in six months

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Guaranty Trust Bank (GTBank) Plc yesterday announced it’s audited half-year results for the period ended June 30, 2020, showing a profit before tax (PBT) of N109.714 billion as at the end of June 2020, compared with the N115,787 billion recorded in the corresponding period in 2019. Profit after tax (PAT) STOOD AT n94.271 BILLION, down 4.9 per cent from N99.133 billion recorded the same period in 2019.

GTBank recommended an interim dividend of 30 kobo per share, the same amount that was paid in 2019.

Details of the result also showed gross earnings of N150.48 billion, up from N146.5 billion in the corresponding period of 2019. Net interest income rose from N116.365 billion to N127.615 billion, while net fee and commission income fell from N33.843 billion to N22.294 billion.

However, loans impairment charges jumped by 209 per cent from N2.186 billion to N6.77 billion.

Commenting on the performance of GTBank, analysts at FBNQuest said the PBT of N109.7 billion declined by five per cent and currently tracks behind management’s 2020 guidance of N235 billion.

“Nevertheless, the results are still quite healthy considering that the guidance was provided before the full effect of the pandemic could be properly quantified. Given the magnitude of the earnings gap relative to guidance, we would not be surprised if management were to revise its FY 2020 PBT guidance downwards,” they said.

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