ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, May 20, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Guaranty Trust Bank (GTB)

Guaranty Trust Bank (GTB)

GTB’s first-quarter profit drops N4.5 billion as interest income wanes

GTB’s pre-tax profit came to N53.683 billion down from N58.204 billion.

byRonald Adamolekun
April 22, 2021
2 min read

Nigeria’s biggest lender by market value saw its first quarter profit thin by about a tenth or N4.520 billion, as revenue from interest came under pressure and provision for potential credit loss linked to the coronavirus outbreak ate away at earnings.

Guaranty Trust Bank (GTB) noted in its earnings report for the first quarter of 2021 issued Wednesday that net interest income stood at N52.434 billion, 18.4 per cent weaker than the figure for the same period of last year, reflecting the urgency to stabilise earnings from other sources.

It hopes to secure a payment service licence to kick-start a fintech unit any moment from now, and also part of the way to go is its ambition to acquire a bank in Kenya, East Africa’s largest economy.

Transitioning to a holding company this year is crucial to Segun Agbaje-led GTB’s game plan for weathering stormy days just as setting up insurance, pensions and asset management divisions are parts of the mix.

As regulation demands, GTB put aside N1.86 billion to cover expected loan defaults and credit assets liable to become toxic. It compares with the N1.223 billion committed to that purpose between January and March 2019.

 
L-R Segun Agbaje, GTB CEO; Osaretin Demuren, Chairman and Company Secretary Erhi Obededuo
L-R Segun Agbaje, GTB CEO; Osaretin Demuren, Chairman and Company Secretary Erhi Obededuo

Lenders in Nigeria risk having their average impaired loan ratio surging to anywhere between 10 to 12 per cent this year as the tap of debt relief measures, which helped restrain a spike in impaired loans in 2020, runs dry, New York-based credit rater warned in a commentary on the Nigerian banking industry in December.

Moody’s, another rating agency, gave a similar projection last month.

GTB’s pre-tax profit came to N53.683 billion down from N58.204 billion. Profit for the quarter was N45.546 billion, declining by nearly 10 per cent.

The lender highlighted a jump of 26.8 per cent in account maintenance charges and more than a half in E-business Income as the drivers of an improvement in fee and commission income from N14.463 billion to N17.574 billion.

Shares in GTB closed in Lagos on Wednesday at N30 per unit, up by 4.17 per cent.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Why women cheat: what every Nigerian man should know







PT Mag Campaign AD

Previous Post

Group urges CBN to halt confiscation of cards withheld by ATM

Next Post

Makinde approves N279.5 million for LG election ballot papers

Ronald Adamolekun

Ronald Adamolekun

More News

Innoson Group of Companies

Why we’re launching tricycle production in Nigeria — Innoson

May 20, 2022
Basil Omiyi

Seplat Energy appoints Omiyi to replace Orjiakor as chairman

May 19, 2022
TotalEnergies

TotalEnergies launches sale of stake in Nigerian joint venture

May 19, 2022
President Buhari, Osinbajo and Mark Zuckerberg of Facebook.

Nigerian govt gives condition it may ban Facebook

May 19, 2022
FBN Holdings

FBN Holdings takes over Access Bank’s pension business

May 18, 2022
Honorable Minister of Information and Culture , Alh. Lai Mohammed addresses Pressmen [PHOTO: @FMICNigeria]

Nigerian govt accuses Facebook of refusing to act against IPOB

May 18, 2022
Next Post
Governor Seyi Makinde of Oyo State

Makinde approves N279.5 million for LG election ballot papers

Osun State Governor, Adegboyega Oyetola. [PHOTO CREDIT: Official Twitter handle of Mr Oyetola @GboyegaOyetola]

Oyetola inaugurates committee to tackle illegal mining

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,842,453 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.