Guaranty Trust Bank Plc has recorded profit before tax of N231.707 billion for the financial year ended December 31, 2019.
The bank’s audited financial result released yesterday showed that the profit grew by N16.121 billion or 7.46 per cent compared with N215.586 billion reported in the corresponding period of last year.
The bank paid tax of N34.842 billion within the period under review against N30.875 billion paid in the preceding year, bringing profit for the year to N196.849 billion from N184.711 billion achieved in the comparable period of last year.
An analysis of the bank result showed that gross earnings improved slightly from N434.698 billion in the preceding year to N435.306 billion at the end of December 2019.
Personnel expenses rose from N36.856 billion in 2018 to N37.284 billion.
The bank’s fee and Commission income surged to N62.418 billion from N52.367 billion while fee and commission expenses grew from N1.896 billion from N2.975 billion leading to net commission income of N59.443 billion from N50.470 billion reported the same period of 2018.
Interest expenses stood at N64.841 billion, down from N84.527 billion in the preceding year, while net interest income rose from N222.433 billion to N231.363 billion.
The loan and payment charges which stood at N4.906 billion in the comparative period to N4.911 billion at the end of December 2019.
The board of directors proposed final dividend payment of N2.50 kobo per ordinary share of N0.50 kobo held by investors.
The bank had earlier paid interim dividend of N0.30 kobo, bringing the total dividend for the year to N2.80 kobo against N2.75 kobo paid in 2018 financial year.
