Guaranty Trust Bank Plc has declared a 25 kobo dividend to its shareholders in its second quarter audited financial results for the period ended June 30, 2014.
According to the report from the Nigerian Stock Exchange (NSE), the GTBank’s turnover hit N132.985 billion as at half year 2014 compared with N124.202 billion in comparable period 2013.
Interest income from loan and advances grew by eight percent to N99.72 billion from N92 billion. Other growing indices are investment and operating income which grew by 2 per cent to close at N32.3 billion.
However, profit before and profit after tax dropped compared with previous year, as the pre-tax profit went down by seven percent to stand at N53.4 billion while net profit for the period is N44.01 billion against N49.01 billion 2013.
It will be recalled that GTBank posted N242.7 billion in last financial year ended December, 2013.
Base on the current performance, as at half year, the percentage of turnover, profit before tax and profit after tax to 2013 audited turnover, PBT and PAT stood at 54.7 percent, 49.9 percent, and 48.9 percent respectively.
This implies that the company is almost met half of its last audited report within six months of ongoing financial year. This clearly shows that the bank may not surpass previous year result with high margin.
Details of the bank balance sheet revealed that Loans & advances to customer increase by three percent to N1.04 trillion while financial assets dropped to N480.6 billion in 2014 from N505.3 billion. The customers deposit grew to N1.57 trillion from N1.44 trillion in 2013 while net assets close at N328.65 billion.
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