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Weakening naira boosts GTBank’s Q3 profit to N140.837billion

metro by metro
October 19, 2016
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The Nigerian Stock Exchange (NSE) yesterday published Guaranty Trust Bank plc unaudited interim financial statements for the period ended September 30, 2016 with N93.6 billion gains on forex revaluation

 The Tier-one bank’s Profit Before Tax (PBT) rose remarkably to N140.837billion from N92.062billion in Q3’15, an increase of 53%, boosted mainly by forex revaluation gains of N93.6 billion as against N6.77billion in Q3’15.
GTBank’s Profit After Tax also rose to N119.927billion, from N75.160billion, up by N59.6%.
 The bank also reported 43.6% increase in gross earnings in Q3’16 to N329.284billion, from N229.375billion in the corresponding period of 2015.  
The bank’s third-quarter (Q3) deposits  rose by 28.9% to N2.105trillion from N1.634trillion in Q3’15. Interest Income rose to N181.910billion from N172.964billion, up 5.2%.
GTBank reported loan loss expenses of N57.083billion, from N8.516billion, an increase of 570.3%.
 Interest Expense declined to N49.161billion from N52.834billion, down 7%. GTBank plc reported Net Interest Income decline to N132.748    billion, from N120.130billion, down 10.5%.
The bank’s Operating Expenses rose to N79.926billion from N73.843billion, up by 8.2%. Cash and cash equivalents up 47.5% to N376.342billion from N255.106billion; Loans & Advances rose to N1.640trillion from N1.281trillion, up 28%.
GTBank reported Q3’16 Total Assets of N3.092trillion, from N2.458trillion in 2015, up 25.8%; while Total Liabilities rose by 26.4% to N2.600trillion, from N2.057trillion. The bank’s Cost to Income Ratio rose by 13.6% to 28.8% from 42.3%; while loan to deposits dipped to         77.9% from 78.4%, down by 0.5%.

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