GT Bank posted a gross earnings of N154.6b representing an increase of 22% when compared to the same period last year. Interest Income rose 36% to N118b and Net Interest Income N91b for the period. Net Interest Income is in line with their quarterly average of about N30b even as it dropped slightly from the average set in the first half of the year. Whilst comparing Q3 results with that of last is the typical metric and shows good improvements, same cannot be said when compared to the previous H1 results. For example, loans and advances dropped nearly 9% to N735b this period compared to just 3months ago and deposits slid from the N1tr mark averaged by its peers to N994b. Despite this, GTBank continues to perform where it matters, bottom line. At a pretax earnings of N75b one can hardly complain as a shareholder. This averages about N25b per quarter. Return on average assets also improved to about 5%, a result that most banks in it’s peers will find hard to beat.
GT Bank Q3 2012 unaudited accounts is posted on the website of the NSE
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