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GTBank Half Year Profits Top N53 billion

The management of Guaranty Trust Bank communicated its earnings to the stock exchange today, announcing H1 Profit before Tax of N53.63 billion, an increase of 63% from the N33 billion reported over the similar period in 2011.

The company also declared a 25kobo interim dividend which is equal to a total payout of N7.4 billion to its ordinary shareholders. The company’s Gross Earnings came in at N106 billion, up 25% from the N85 billion it reported in H1, 2011.

Management tidied up its provisions for bad debt account, reporting a 68% reduction in the provision to N2.4 billion from N7.5 billion over the H1, 2011 period.

Net Income attributable to Shareholders was reported at N45.3 billion, up 66% from N27 billion made over the H1, 2011 period.

Credit extension growth came in at N794 billion, up 12% from N706 billion reported in H1, 2011.

Deposits stood at N1.06 billion, up 3.2% from N1.03 trillion recorded over the similar period last year.

The 25 kobo interim dividend is payable on September 21st for ordinary shareholders and October 2nd for Global Depositary Receipt holders.

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