FY 2019: GTBank records 6.5% increase in profit after tax (Analysis)

Guarantee Trust Bank Plc has released its Audited Group financial statements for full-year 2019. The financial statements demonstrate positive figures across most financial indicators. The breakdown of the report is shown below:

Interest Income: GTBank generated N291.6 billion in interest income as at December 2019, compared to N303.4 billion recorded as at the end of the 12 month period of 2018. This represents an interest income reduction of 3.8%.

Net Interest Income: Similarly, the bank recorded N231.3 billion as net interest income as at December 2019 as against N222.4 billion recorded at the end of December 2018, representing an increase of 4.0%.

Profit Before Tax: As at the end of the fourth quarter of December 2019, the lender recorded N231.7 billion as profit before tax, up from N215.5 billion recorded at the end of December 2018. This represents an increase of 7.4%.

Profit After Tax: The bank recorded a profit of N196.8 billion for the 12-month period of 2019, compared to N184.7 billion recorded at the end of the December 2018, representing a 6.5% increase in profit after tax.

Earnings Per Share: Earnings Per Share for the bank also rose by N6.96 for Full-year 2019, up from N6.54 recorded as at the end of the December 2018.