Business GTBank's Profit Dropped By 6% in 1st Quarter of 2016


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ProfRem

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Guaranty Trust Bank, one of Nigeria’s largest banks, has recorded a 6 percent drop in pre-tax profit in the first quarter ended March 31, 2016.

GT Bank said in a statement on Wednesday that its pre-tax profit fell to N30.68 billion in Q1 2016 compared with N32.65 billion profit the bank reported in Q1 2015.

However, GT Bank’s net interest income rose 4.2 percent to 40.79 billion in Q1 2016 compared with N39.16 billion in Q1 2015. Net fees and commission income also rose 44.5 percent N16.72 billion in Q1 2016 compared with N11.57 billion in Q1 2015.

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GT Bank said total assets rose 5.2 percent to N2.66 trillion in Q1 2016 compared with N2.52 trillion recorded in December 2015. Non-performing loans also rose 8.6 percent from N45.06 billion reported in December 2015 to N48.94 billion in Q1 2016.

Basic per share earnings fell to 90 kobo per share in Q1 2016 compared with 94 kobo per share in Q1 2015.

GT Bank’s stock price rose 2.16 percent to N16.16 at the close of trading on Wednesday.





Source: Financial Nigeria
 
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