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Gt Bank Q1 2013 Results Review: Pre-Tax Profits Up, Margins Down

Ugodre Obi-chukwu by Ugodre Obi-chukwu
April 19, 2013
in Blurb
Analysis: Will GT Bank shares rise or drop this week?
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GT Bank Plc released its 2013 Q1 unaudited results with Gross Earnings increasing 20.83% over the same period last year to N63.5billion. Net Interest Income, the core revenue streams for banks, increased 6.34% to N33.4billion. Pre-tax profits at the end of the period was N28.5billion (2011:N24.3billion).

The above results while better than last year’s, is a reflection of shrinkage now being experienced as yields on government securities start to drop. Net Interest  Margins which was 81% in 2011 dropped to 77.3% and 73.9% in 2012 and 2013 respectively. Whilst this is pretty much the trend now, the large increase of loan losses is a worry. Could it be a one time write off, or beginning of several write offs that may occur during the course of the year? It will be interesting to see where this takes us to.

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Loans and advances increased 5.4% year on year though, some might expect that it should have been more. . Deposits also grew 4.7% to N1.2tr . GT Bank share price at the close of business 18/4/2013 was N23.7.

GT BANK 2012 SNAPSHOT

 

GT Bank Q1 Earnings Report was posted on the website of the NSE

Tags: Nigerian Company ResultsNSE 30
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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