Guaranty Trust Bank (GTBank) is still growing in this economy

Guaranty Trust Bank (GTBank) is still growing in this economy

Guaranty Trust Bank (GTBank) in its nine-month unaudited report posted an 8.2 per cent increase in operating expenses, an indication of rising challenges in the industry.

Also, although it recorded 59.6 per cent increase in profit after tax to N119.9 billion from N75.2 billion in the corresponding period of 2015, its cost-to-income ratio, which moderated to 28.5 per cent in the period under review is said to be high too.The bank’s Profit Before Tax also rose from N92.06 billion to N140.84 billion, an increase of 53 per cent.

The improved performance, according to the bank, was attributable to its aggressive pursuit of outlined key objectives for the year, as well as benchmarking the bank in line with global standards.

Its loan book grew by 19.6 per cent, from N1.372 trillion recorded in December 2015 to N1.640trillion in September 2016, while Total Assets of the bank stood at N3.093 trillion, with shareholders’ funds of N483.4billion.

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