Guaranty Trust Bank on Wednesday announced N44.670 billion profit after tax (PAT) for the first quarter of 2018. This was higher than the N41.471 billion filed in the corresponding quarter of 2017.

The report released through the Nigerian Stock Exchange (NSE) showed the lender ended the quarter with net interest income of N59.689 billion, lower than the N66.129 billion from 2017. Loans impairment charges declined from N3.412 billion in 2017 to N1.639 billion.

Incomes from fees and commission grew from N13.68 billion to N15.22 billion in the quarter, while profit before tax improved to N52.624 billion in 2018 from N50.392 billion in 2017. The report also showed deposits from customers increased from N2.062 trillion to N2.214 trillion. While, loans and advances moderated from N1.449 trillion to N1.354 trillion.

Speaking on the report, experts at FBN Quest said the single-digit in profit before tax growth was driven by the 52 percent year-on-year decline in loan loss provisions and a 41 percent growth in non-interest income.

“The growth in non-interest income was largely underpinned by foreign exchange (FX) revaluation gains of N5.5 billion (vsN306.4 million Q1 2017). In contrast, funding income declined by 10 percent. Further down the PAT grew by eight per cent to N44.4 billion, thanks to a lower effective tax rate of 15.1 percent vs. 17.7 percent Q1 2017. Sequentially, PBT grew five percent quarter on quarter (q/q), again, the reduction in loan impairment charges was the major driver. However, PAT fell by 13 percent q/q because of a 50 percent q/q spike in taxation. Compared with our forecasts, PBT and PAT beat by six percent and eight percent respectively, because non-interest income surprised positively."

GTBank is the first bank to release its financial performance this year.

http://investorsking.com/gtbank-announces-n45-billion-pat-q1/

Blood money

The problem with the world financial system is interest...

Gvg

BUHARIISCURSED:
Blood money

And 95% of their staff are on contract.
Who are they deceiving

Profits from illegal deductions and hidden charges...

Corruption everywhere...

Na so them go dey claim such humongus profit after making their cuatomers cry gan.

Why not after all the extravagant charges

Is innoson and his gang reading this? Why he feeling like his change will bring down the bank?

I wish they can declear where those profits came from.

let me see illegal deduction on my account you will see .

Mostly from illegal deductions and hidden charges!

Flye:
I wish they can declear where those profits came from.

Try to read before posting comments

zinaunreal:
Is innoson and his gang reading this? Why he feeling like his change will bring down the bank?

As a member of chest beaters association, this news is not good for my health.

Opened a business account wt GTB this year. Hope they get stronger.

Lobatan

Damn it... this kind of educative and informative threads don't get much comments or attention. If na bb9ja now, you for don see traffic.

Chai.. 9ja youths are doomed, I swear.

drey076:
And 95% of their staff are on contract.
Who are they deceiving

95%. This is not possible.

You are the one the should think critically before quoting people, if u don't understand ask question.

Nattylad:


Try to read before posting comments

I don't think anyone wil dispute or jolted with the result because this is a Bank that truly should have given 'first Bank : tag.... It is a Bank where system is in place so whoever find himself or herself at helm of affairs has little to do rather than align with the laid down procedure.... This is only Bank stil remain intact interms of high yield in stocks price, consistent interms of dividend and Bonus settlement... And talking of Internet services, they remain in fore front.. Kudos to the Management

Hope GTB will now pay innoson his #8billion in peace now.

If you do a lot of transactions then you want to stay away from this useless bank. Especially if you transfer to other banks a lot. You can make a transfer, and the transaction won't appear in your history. if you attempt it again, be rest assured you will receive multiple debits in few hours. worse thing is GTB will never take responsibility for this double transactions. Very useless a bank.

Flye:
I wish they can declear where those profits came from.

Olodo, it is 'Declare'

Abeg I wan know whether Innoson still dey bank with GTB?

All those wey say make we boycott GTB because of Innoson, how far na?

Una don quietly go back?

Una money follow for this 45 billion profit?

Na ask I just dey ask, no offence abeg o!

Westbestside:
As a member of chest beaters association, this news is not good for my health.

Omo iya wa gba yi.

thieves!!!!!

sexdoll:
Abeg I wan know whether Innoson still dey bank with GTB?

All those wey say make we boycott GTB because of Innoson, how far na?

Una don quietly go back?

Una money follow for this 45 billion profit?

Na ask I just dey ask, no offence abeg o!

You get time........you dey mind the 5% chestbeaters. ..... na so PMB go return jejely to office in 2019 and they will continue their quiet wailing

Congratulations to Segun Agbaje, top executive management and the board of directors for a job well done.

Yoruba people Sabi run things so all this people claiming close down of account are people with 5000naira.Hide your fave 5%