GTBank nets ₦49Bn Half-year profit

GTBank has reported ₦49 Billion in profits, in the first half of 2013. This is up from the 44.9 billion it realised in 2012. In a published statement on Nigeria’s Stock Exchange’s website, GTBank revealed that bad-loan provisions fell to ₦1.3 billion, while lending increased 15 percent to ₦899 billion. Revenue jumped 9.3 percent to ₦124.2 billion, from ₦113.5 billion in 2012. The bank’s operating expense jumped to ₦41.5 billion, from ₦37.9 billion, in same period as in 2012. GTBank was one of the four Nigerian banks that recently got the Eurobond of $1.3 billion. The bank is also buying Kenya’s Fina Bank for $100 million.

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This article was first published on 21st August 2013

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