GTBank’s revenue declines by 2% in H1 2019

Guaranty Trust Bank Plc has experienced a 2% decrease in its gross earnings for the half-year period ended June 30th, 2019.

This was disclosed in the bank’s H1 2019 financial statements published on the website of the Nigerian Stock Exchange.

The bank’s gross earnings for the period stood at N221.9 billion, compared to N226.6 billion recorded in 2018.

The slight decrease can be attributed to a drop in the company’s administrative cost. The administrative cost dropped by 37.6% to N1.6 billion in H1 2019, compared to N2.6 billion in H1 2018.

The bank’s profit before tax increased by 5.6% to N115.8 billion during the period under review, compared to N109.6 billion recorded in June 2018.

Similarly, profit after tax stood at N99.1 billion in June 2019 as against N95.6 in June 2018, representing a 3.7% increase.

Meanwhile, earning per shares grew to N3.50 in June 2019, up from N3.38 in the comparable period in June 2018.

Major assets were derived from Cash and Bank Balances, Financial assets, Derivative Financial assets and investment securities.

The Profit for the Bank has been attributed to Equity holders of the parent entity and Non-controlling interests.