Guaranty Trust Bank (GTBank) Plc on Wednesday gained a profit of N125.58 billion for the third quarter ended Sept. 30, 2017.
The bank’s third-quarter result was released by the Nigeria Stock Exchange (NSE).
Guaranty Trust Bank plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in 1990 and commenced operations in February 1991. GTB has risen to be one of the leading financial institutions in the country.
According to the financial report, GTB’s profit represented a growth of N8.49 billion or 7.21 percent as against N117.08 billion achieved in the corresponding period of 2016.
Its profit before tax rose to N150.03 billion from N137.99 billion recorded in the preceding period of 2016.
The bank’s total assets had also surged to N3.21 trillion from N3.12 trillion reported at the end of 2016 financial year, while the bank’s total liabilities inched up to N2.63 trillion from N2.61 trillion in Dec. 2016.
Also, the result showed that interest income surged to N248.270 billion from N181.91 billion in the comparative period of 2016.
Net interest income stood at N189.58 billion during the period under review from N132.75 billion in the preceding period.
Fee and commission income dropped from N50.410 billion reported last financial year to N39.676 billion while, Net fee and commission income declined to N37.977 billion in September this year from N48.134 billion reported in Dec. 2016.
Loan impairment charges stood at N8.36 billion from N57.08 billion reported in the same period of 2016, representing a drop of N48.73 billion or 85.36 percent.