GTBank Plc has recently released its audited half year 2019 financial results to the public, the bank made a profit after tax of N99 billion from N96 billion profit in same period in 2018.
A review of the results shows that the bank was able to grow its Net Profit by 4 percent despite a 2 percent decline in Gross Earning from N226 billion in half year 2018 to N222 billion in same period in 2019.
The growth can be attributed to a 23 percent growth in the bank’s Fee and Commission Income and a 35 percent decline in its Interest Expense when half year of 2018 is compared with same period in 2019.
Other Details of GTBank half year 2019 financial results are as follows
- Net Interest Income down by 1% from N118bn to 116bn in H1 2019
- Fees and Commission Income up by 23% from N26bn to 34bn in H1 2019
- Interest Expense down by 35% from N44bn to N33bn in H1 2019
- Interest Income down by 8% from N159bn to N146bn in H1 2019
- Operating Expense down by 6% from N42bn to N38bn in H1 2019
- Profit Before Tax up by 6% from N109bn to N116bn in H1 2019
- Profit After Tax up by 4% from N96bn to N99bn in H1 2019
GTBank also grew it Balance Sheet size by interesting margins in 2019 half year
- Total Asset grew by 10% from N3.29tn to N3.59tn
- Loans and Advance grew by 1% from N1.26tn to N1.27tn
- Deposit from Customers also grew by 6% from N2.27tn to N2.42tn
- Owner’s Equity also grew from N576bn to N603bn in H1 2019
Earning per share also increased by 4% from 338 Kobo per share in 2018 half year to 350 Kobo per share in same period in 2019.
See also: GTBank 5 years financial performance