GTBank records N52.65bn profit

Top Quote Guaranty Trust Bank Plc has announced a profit after tax of N52.65bn in its 2011 end of the year results, from N38.35bn recorded in 2010. End Quote
  • (1888PressRelease) April 18, 2012 - The bank in a presentation by its Managing Director, Mr. Segun Agbaje, on Tuesday said profit before tax also rose to N65.60bn in 2011, as against N48.46bn in 2010.

    Agbaje said, “15.66 per cent increase in interest income from a larger loan book despite increased competition in the high-end banking space. Interest from loans and advances accounted for 70 per cent of interest income. 56.76 per cent growth in income from investments in government securities, enhanced by return to positive interest rates.

    “GTBank has always maintained a focus on the high-end institutional client-base, hence 60 per cent of the bank’s loan-book is in the institutional banking segment. The bank is well positioned to take advantage on business opportunities that may arise in the short to medium term.”

    The bank boss also said that francophone expansion would commence in April 2012 with GTB Cote D’Ivoire, adding that, “The bank has divested from three subsidiaries- Guaranty Trust Assurance Plc, GTB Asset Management Limited and GTB Registrars Limited.”

    He added that the fourth and final divestment (GTHomes Limited) would be completed before June 2012.
    Meanwhile, the presentation showed that the bank sold a total of N77.01bn in loans to AMCON in exchange for bonds totalling N81.78bn.

    It stated, “Zenon accounted for N36.88bn of the amount taken to AMCON.
    The amount received from AMCON from Zenon totaled N30.13bn. GTBank has taken a 50 per cent provision on Hi-Media, which is currently in receivership. Hi Media accounts for the bulk of NPLs under ‘Information and Communication’.”

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