Guaranty Trust Bank Plc has released third quarter financial result for the period ended September 30, 2019, posting profit of N170.652 billion.
The amount represents an increase of 3.90 per cent compared with N164.246 billion.
The bank paid tax of N23.662 billion within the period against N22.022 billion recorded the preceding year, bringing profit after tax higher by N4.766 billion to N146.990 billion from N142.224 billion reported in 2018 .
The bank’s result submitted at the Nigerian Stock Exchange showed that its earnings dipped by 3.17 per cent to N324.152 billion from N334.762 billion achieved in the comparable period of last year.
An analysis of the bank’s result indicated that interest and similar income moved downward by 5.62 per cent to N224.188 billion from N237.545 billion, while interest and similar expenses dropped by 23.40 per cent to N51.250 billion from N66.903 billion recorded in the comparative period of 2018.
The interest income rose by 1.35 per cent to N172.937 billion from N170.642 billion maded in the same period of 2018, Net fees and commission advanced by 22.88 per cent to N46.497 billion from N37.840 billion in the preceding year.
The result also showed that personnel expenses declined by 2.92 per cent to N27.299 billion at the end of nine months operations against N28.121 billion in the preceding year while impairment loss on financial assets rose by 59.03 per cent to N2.762 billion from N1.737 billion.
Customers deposit took upward trend, rising to N2.390 trillion from N2.230 trillion reported previously. Total assets of the bank rose slightly from N3.433 trillion to N3.519 trillion in September this year while total liability fell from N2.898 trillion to N2.882 trillion within the period under review.
