….Drops from N146billion to N142.283billion in nine months
Unlike its counterpart the United Bank for Africa(UBA)another leading financial institution the Guaranty Trust Bank(GTB) had its profit before tax reduced by 3.2% in the first nine months of this year.
According to the financial statement released for the first nine months of this year,the bank experienced 3.2% drop in group profit in nine months to N142.283 billion from N146.990 billion in 2019.
This is coming despite growth increase in net interest income to N189.736 billion from N172.937 billion in 2019.
The profit drop is linked to loan impairment charges of N10.145 billion which is 267.35% higher than N2.762 billion in nine months 2019.
However, the bank slightly improved on profit by 0.33% in three months ended September 30, 2020 (Q3) to N48.012 billion from N47.856 billion when net interest income rose to N62.121 billion from N56.572 billion and loan impairment charges of N3.376 billion from N575.610 million in Q3 2019.
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