By Charles Abuede
Nigeria’s Tier-1 lender, Guaranty Trust Bank Plc, has reported a profit after tax (PAT) of N48.01 billion for the third quarter of 2020. This figure is N155.85 million higher than the N47.86 billion recorded during the same period of 2019. The bank also recorded N2.77 billion increase in its profit before tax (PBT) for the same period to N54.64 billion in Q3 2020 from N54.86 billion in Q3 2019.
The foremost financial institution revealed this in its unaudited interim financial statements for the 9-months period ended September 2020, which it filed at the Nigerian Stock Exchange on Thursday.
According to the bank, it recorded a 3.2 per cent decline in its profit after tax (PAT) to N142.28 billion as at the close of the 9-months trading period from N146.98 billion during the corresponding period of 2019. Similarly, its profit before tax (PBT) witnessed a 1.93 per cent dip to N167.35 billion for the period from N170.65 billion that was recorded in the corresponding period of 2019.
Furthermore, a breakdown of the result from the bank revealed that during the period under review, its total assets were worth N4.57 trillion, appreciating by 21.68 per cent from N3.76 trillion as at the same period of 2019.
Also, it recorded a 0.09 per cent increase in its interest income from N219.35 billion by the close of 9 months period in 2019 to N219.54 billion as at the end of September 2020.
Meanwhile, in its condensed results of consolidated entities as at 9 months ended September 2020, Guaranty Trust bank Ghana recorded N13.55 billion in its total income for the period after tax; the Sierra Leone arm of the bank submitted the sum of N1.68 billion in profit after tax; GT Bank Liberia also recorded a profit after tax in the tune of N1.02 billion as at the close of September 2020.
In the same vein, the bank’s subsidiary in the Gambia recorded N1.26 billion in PAT for the period, with Cote D’Ivoire and Kenya subsidiaries canvassing N1.01 billion and N2.10 billion in profits respectively for the close of the trading period while the United Kingdom and Tanzania subsidiaries recorded losses to the tune of N1.16 billion and N296.65 million as loss after tax respectively for the period under review.