Home Business GTBank Reports 3.20% Decline in Profit

GTBank Reports 3.20% Decline in Profit

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Guaranty Trust Bank Plc (GTBank) has reported 3.20 per cent decline in profit for nine months ended September 30, 2020 unaudited result and accounts.

The result and accounts to the Nigerian Stock Exchange (NSE) on Thursday disclosed that GTBank reported N142.3billiion profit in nine months of 2020 as against N147billion reported in nine months of 2019.

The lender also reported 1.93 per cent decline in profit before tax to N167.4billion in nine months of 2020 as against N170.7billion reported in nine months of 2019.

The decline in profits can be attributable to the management provision for bad loans and increasing operating expenses.

GTBank for the period reported 267 per cent increase in loan impairment charges to N10.14billion in nine months of 2020 as against N2.76billion reported in nine months of 2019. Also, total operating expenses grew by 13 per cent to N112.4billion in nine months of 2020 compared to N99.6billion reported in nine months of 2019.

The financial institution thus reported 32.45 per cent increase in total assets to N3.82trillion as at September 30, 2020 from N2.88trillion reported in full year ended December 31, 2019.

The share price of GTBank closed on Thursday at N35.80 on the trading floor of the NSE.

 

 

 

 

 

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