GTbank’s 9-month results through September 2013 shows an increase in gross earnings by 9% to N181.9 billion compared to N166.5 billion recorded in the corresponding period September,2012.
The bank’s profit before tax (PBT) was up 7% to N82.36 billion for the 9-month period to September 2013 from N76.9 billion in the previous period Q3, 2012.
Further analysis of the bank’s financial statement showed that Profit after tax (PAT) rose by 9% to N69.24 billion in Q3 September, 2013 from N63.73 billion recorded a year earlier.
Earnings per share of GT bank soared by 9% to 244k in the current period, from 225k in the previous period.
The Return on Average Equity ROAe and Return on Assets ROAa were 23.3 and 4.6% for the 9 months through September 2013, respectively.
The impressive profitability was helped by the fulcrum of one of its subsidiaries Guaranty Trust Bank (Ghana) which contributed 5% to the group profitability.
In addition, GTBank Ghana has emerged the highest contributor to Group’s operational performance ahead of the remaining seven other subsidiaries.
In the current period Q3, 2013, GTBank grew Net interest Income by 5% to N101.95 billion from N96.79 billion Q3, 2012, while Interest Income spiked by 9% to N136.96 billion.
GT bank recorded a marginal increase in Cost to Income ratio of 43.4% from 43.3% Q3; 2012 which shows the bank has been efficiently managing its operations while loan loss expenses dropped by 14% to N2.65 billion.
Loan Impairment Ratio reduced to 2.6% in the current period Q3 September, 2013 from 3.2% a year earlier, while Asset turnover increased to 10.1% in Q3, 2012.
Loans and Advances of the bank grew by 18% to N925.55 billion in the current period, from N783.91 billion Q3, 2012, while total deposits were up 10% to N1.29 trillion for Q3, 2013 from N1.17 trillion recorded in Q3, 2012
The bank’s total assets jumped by 8% to N1.87 trillion for the 9 months through September 2013 from N1.73 trillion recorded in the corresponding period of September, 2012.
The shareholders of the biggest bank by market value (GT bank) have had their returns on investments maximized as the bank’s shares surged by 36.3% in the past year.
Its stock closed trading at N27/share on Thursday December 19.
The market capitalization of the bank was N794.6 billion as at 19th December, 2013, making GT bank the biggest bank in Nigeria by market capitalization.
The bank is spreading its reach across Africa by acquiring a 70% stake in Finabank of Kenya Bank to enable it extend its reach to East Africa.
GTB Plc has 201 branches in Nigeria; the group presently operates in seven countries, namely: Ghana, Liberia, Gambia, Sierra Leone, Ivory Coast, United Kingdom and Nigeria.