Guaranty Trust Bank released its 2014 Q1 results showing a Gross Earnings increase of 2.68% to N65.5billion. Other highlights of the results are as follows;
- Net interest income rose 3.8% to N35.7billion (2013: N33.4billion). Compares to 2013/2012 where Net Interest Income rose 6%, almost double the current growth.
- Operating income rose 3.2% to N51.8billion (2013: N50billion). Again, this pales in comparison to 2013/2012 Q1 growth of 16%
- Operating expenses rose 9.6% to N23.8billion (2013:N28.5billion). Operating expenses rose 16% in the corresponding period last year.
- Pre-tax profits for the period was a flat -1.7% dip at N28billion compared to N28.9billion a year earlier.
- Loans and advances rose 0.73% in the last three months just as deposits grew 3%.
- Return of Average Equity for the period was 6.7% and compared to the same period last year that was 7.6%.
- The result bears the hallmark of a tight regulatory environment that has seen policy water down revenue sources.