Quarter 1 of 2017 earnings for Guaranty Trust Bank Plc GTBank increased by 62 per cent with pre-tax profit rise to N41.477bn and N50.392bn from N25.614bn and N30.676bn in the same quarter of last year, according to its condensed unaudited group interim financial statements filed with the Nigerian Stock Exchange on Wednesday.
Analysts revealed that “The main driver behind the strong y-o-y growth in earnings was a solid performance in net interest income: it grew by 62 per cent y-o-y to N66bn. In contrast, non-interest income (which had boosted the bank’s results through most of 2016 on the back of forex-related gains) was up only by five per cent y-o-y.”
FBN Capital Limited, in an emailed note, attributed the bank’s profit rise to a positive result on the other comprehensive income line of N568m (compared with a sizeable loss of N5.3bn a year earlier).
