GTB Records 59% rise in Q3 profit

Guaranty Trust Bank plc, Nigeria’s most priced banking stock on the Nigeria Stock Exchange has released its unaudited third quarter income statement, showing significant increases in gross earnings, gross profit and PAT.

Gross earning increased in the quarter from N126.8 billion to N154.6 billion, a rise of 22 per cent. And gross profit at N75.5 billion was 48 per cent higher than last year’s at N50.9billion

Profit after tax also increased from N39.7 billion last year to N63 billion this year, a difference of 59 per cent .
The result will likely trigger a rush on the bank stock as the N2.14 earnings per share in the third quarter already surpasses the N1.83 recorded in the entire 2011. In the third quarter last year, the earning stood at N1.41. This year’s is 52 per cent better.

The bank has already declared an interim dividend of N0.25 for its investors.
There was no immediate change in the stock which stood unchanged at N20.15 by mid day trading at the NSE in Lagos.
UBA plc, Skye Bank plc have also released their third quarter results, showing higher levels of profits after the dismal showing last year.