Guaranty Trust Bank Plc (GTBank) has reported 3.3 per cent profit after tax increase in its unaudited financial results for the third quarter (Q3) period ended September 30, 2019.
The Bank’s profit after tax for the period under consideration increased by 3.3 per cent to N146.9 billion from N142.2 billion recorded in Q3 2018.
Profit before tax also increased by four per cent to N170.6 billion for the third quarter (Q3) period ended September 30, 2019 from N164.2 billion in Q3 2018.
The company’s earnings per share for the period stood at N5.19, as against N5.03 in the third quarter of 2018.
GTBank net interest income increased by 1.3 per cent to N172.9 billion in the third quarter of 2019 as against N170.6 billion which was generated in erstwhile third quarter of 2018.
The bank also generated a net fee and commission income of N46.5 billion for Q3 2019 as against N37.8 billion for the same period in 2018, representing a 23 per cent increase.
The company’s share price ended on Wednesday trading on the Nigerian Stock Exchange (NSE) at N27, an increase of N0.35 to Tuesday’s share price of N26.65.
Recently, GTBank announced its collaboration with the Development Bank of Nigeria (DBN) to disburse N25 billion funding to entrepreneurs in Nigeria’s Micro, Small and Medium Enterprises (MSMES) sector.
The funding is the single largest disbursement by the DBN to any financial institution in Nigeria since it commenced operations.
In 2018, the DBN disbursed a total of N31.364 billion to 35,000 end borrowers through participating financial institutions (PFIS).
This is expected to grow significantly following the N25 billion funding partnership with GTBank due to the bank’s focus on creating greater access to credit for small businesses.
Commenting on the partnership, the Managing Director and CEO, Guaranty Trust Bank, Segun Agbaje, said, “Empowering Small and Medium Scale Enterprises is key to accelerating Nigeria’s economic growth and making the lives of millions of Nigerians better. This partnership with the Development Bank of Nigeria reflects our commitment to building a strong MSME sector buoyed by easy access to all of its financing needs.
“As a Bank, that is passionate about Promoting Enterprise, we will continue to provide innovative solutions and create global platforms that expand opportunities for small businesses to build capacity, grow revenue and connect with consumers and business experts from around the world.”