GTBank Records N103 Billion in Profit, An Amazing First Among Nigerian Banks

Audited financial records of Guaranty Trust Bank – GTBank – submitted to the Nigerian Stock Exchange (NSE) showed its profit before tax to be N103 billion for the fiscal year ending in December 2012. The figure is 66% growth from N66.08 billion recorded in 2011. This, according to the Central Bank of Nigeria (CBN) is the first time a Nigerian Bank would cross the N100 Billion profit mark. The bank recorded growth in loans and deposits in 2012. GTBank’s profit after tax and income from discontinued operations rose to N87.2 billion from N51.7 billion in 2011. Revenue grew by 22% to N221.9 billion and, loans & advances grew 11% to N783.9 billion. Deposits advanced 10% to N1.17 trillion. GTBank’s on-balance sheet size was N1.73 trillion, from N1.61 trillion recorded in 2011, while total assets and contingents was N2.26 trillion in 2012, from N2.14 trillion in 2011.