NSE-listed Guaranty Trust Bank Plc has released its audited financial report for the half year earning ended June 30, 2014, posting a 7% dip in its profit before tax (PBT).
The bank said its PBT slide from N53.4 billion from N57.4 billion the previous year due to loan impairment charged to the Profit and Loss account during the period.
“This impairment charge was as a result of a significant loan that we decided to provide for following the demise of the obligor; in line with our laid down corporate governance practices,” it said.
However the bank says despite the extreme business challenges and regulatory hiccups, the bank’s gross earnings rose by 7 percent to N132 billion from N124 billion while its loan book grew 16 percent to N1.04 trillion in June 2014 as against N899 billion for the same period in 2013.
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The bank’s total customer deposits also swell eight percent to N1.54 Trillion as at June 2014.
GTBank MD and CEO, Mr Segun Agbaje (pictured), attributed the Bank’s performance to the continued support from its customers, the hardwork of its staff and the commitment of its management Team.
He projected that the second half of the 2014 financial year will be a stronger as the bank is making laudable efforts to improve its market positions through its key products and business segments.
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With banking subsidiaries across nine African nations and the United Kingdom, GTBank pioneered social banking in Nigeria and it has achieved over 25 percent increase in the number of its active internet banking users.
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