Guaranty Trust Bank (GTBank) has recorded gross earnings of N242.665 billion for the financial year ended December 2013. The amount showed a growth of nine percent compared with N223.064 billion achieved in the preceding year.
The interest income rose by nine percent to N185.383 billion from N170.295 posted in the corresponding period of 2012 while net interest improved by five percent to N136.939 billion against N130.685 billion recorded in the preceding year.
The profit before tax surged by four percent to N107.091 billion from N103.02 billion made in 2012 while profit after tax increased from N86.686 billion in the comparative period to N90.023 billion at the end of December 2013.
The annual report also shows that loans and advances rose to N1.007 trillion from N783.914 billion in 2012, representing a surge of 29% while deposit went up from N1.172 trillion to N1.442 trillion within the reviewed period growing by 23%.
Net assets rose by 18% to N322.353 billion from N281.826 billion posted in the preceding period. The bank in its third quarter financial result in 2013 recorded revenue of N181.9 billion from N166.4 billion achieved in corresponding period of 2012, representing a nine percent increase. Profit before tax also enhanced by seven percent to N82.3 billion from N76.8 billion in third quarter 2012.
Meanwhile, profit after tax (PAT) rose by nine percent to hit N69.2 billion from 63.7 billion in comparative period of 2012 financial year. Customers’ deposits grew by 10% to N 1.0 trillion.
