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Business News of Thursday, 23 April 2020

Source: www.mynigeria.com

GTBank reports 1.5% increase in profit for Q1 2020

GTBank GTBank

Guaranty Trust Bank Plc has released its condensed unaudited Group financial statements for first quarter 2020. The financial statements demonstrate slightly positive figures across most financial indicators. The breakdown of the report is shown below:

Net Interest Income: GTBank generated N64.2 billion in net interest income as at March 2020, compared to N58.2 billion recorded at the end of the first quarter of 2019. This represents an increase of 10.4%.

Net fee and commission income: At the end of the first quarter of March 2020, GTBank generated N13.5 billion in net fee and commission income, down from N18 billion recorded as at Q1 2019, representing a 24.74% reduction in net fees and commission income.

Profit Before Tax: As at the end of the first quarter of March 2020, the lender recorded N58.2 billion as profit before tax, up from N56.9 billion recorded at the end of Q1 2019. This represents an increase of 2%.

Profit After Tax: The bank recorded a profit of N50 billion for the first quarter of 2020, compared to N49.3 billion recorded at the end of March 2019, representing a 1.5% increase in profit after tax.

Earnings Per Share: GTBank recorded an Earnings Per Share of N1.77 kobo for Q1 2020 as against N1.74 recorded as at the end of March 2019.