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GTBank Grows Profit Before Tax to N167.4 Billion in Nine Months

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GTBank grew profit before tax to N167.352 billion in the first nine months of the year, according to the bank’s latest financial statements.

In the unaudited financial statements, the bank’s profit before tax declined by 1.9 percent from N170.652 billion recorded in the same period of 2019.

Gross earnings rose by 1.3 percent from N324 billion filed in the corresponding period of 2019 to N328 billion in the period under review. Net fee income contracted to N33 billion, down from N46 billion in 2019.

Profit after tax declined by 3.2 percent to N142.283 billion during the period under review from the N146.989 billion filed in the same period of 2019.

Speaking the results, the Managing Director/CEO of GTBank Plc, Mr. Segun Agbaje, said: “Our third quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”

Agbaje added that “as an organisation, they will continue to build on their commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”

Source: Naija News

Is a foreign exchange research analyst, contributing author on New York-based Talk Markets and investing.com, with over a decade experience in the global financial markets.