…as loan impairment charges drops
Guaranty Trust Bank Plc third quarter result for the period ended 30th September, 2017, has shown challenging, but yet rewarding third quarter year on year as the bank continue on profitability line.
The group’s Q3 result released by the Nigerian Stock Exchange on Wednesday, showed that performance measuring indices closed on positive note year on year as profit for the year closed higher at N125, 577,820 billion, from N117, 081,276bn recorded I the corresponding period of 2016.
The result showed that the group’s profit before income tax closed higher at N150, 032,641bn, from N137, 991,102bn recorded in the Q3 period of 2016.
Other income recorded during the period closed lower at N12,027,626bn, while in the same period of 2016, other income posted by the group stood at N93,950,028bn.
The result showed that GTbank’s Group paid higher tax income tax of N24, 454,821bn in Q3 2017, against N20, 909,815bn in same period of 2016, while operating lease expenses closed the Q3 period at N1, 450,111bn from N1, 324,586bn in Q3 2016.
The result further sowed that net interest income of N189, 566, 245m, from N132, 748,378m in the corresponding Q3 2016, Loan impairment charges closed lower at N8, 356,827, against N57, 083,278 paid in Q3 2016, while group’s Net interest income after loan impairment charges closed at N181,209,418m from N75,665,100m in Q3 2016.
According to the result, deposits from banks dropped to N73,352,593m, against N125,067,848m in the corresponding period of 2016, while deposits from customers also reduced slightly to N1,897,589,352bn from N1,986,246,232bn in Q3 2016.
Stories by Bonny Amadi