Nigerian Lender GTBank Post $418m Pre-tax Profit for Nine Months

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Tier one lender, GT Bank today released its financial statements for the 9 months ended September 2017. Net interest income increased by 43 percent from N132.7 billion in 2016 to N189.6 billion in 2017.

Profit before tax also increased by 9 percent from N137 billion ($381 million) in 2016 to N150 billion ($418 million) in 2017. Profit after tax also increased marginally by 7 percent from N117.1 billion in 2016 to N125 billion in 2017.

Net interest margin increased from 8.22 percent in 2016 to 10.50 percent in 2017. Net interest margin is the difference between the revenue generated from a bank’s assets and the amount paid out to lenders (such as depositors). The bank also managed costs efficiently as a cost to income ratio increased slightly from 37.49 percent in 2016 to 37.59 percent in 2017.  The Bank’s cost to income ratio shows a company’s costs in relation to income. Simply put, for every N100 GT Bank made, it spent. N37.49 as costs.

GT bank shares closed at N41.70 in today’s trading session on the Nigeria Stock Exchange (NSE). GT Bank was incorporated in 1990 and began operations in February 1991.

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