Guaranty Trust Bank (GTBank) profit before tax (PBT) earnings have dropped by five percent in first half of 2020.
The company posted a profit before tax (PBT) earnings of N109.714 billion as at the end of June 2020, compared with the N115.787 billion recorded in the comparable period in 2019, while profit after tax (PAT) printed at N94.271 billion, down 4.9 per cent from N99.133 billion recorded in 2019.
Details of GTBank’s results also showed gross earnings of N150.48 billion, up from N146.5 billion in the corresponding period of 2019.Net interest income rose from N116.365 billion to N127.615 billion, while net fee and commission income fell from N33.843 billion to N22.294 billion.
However, loans impairment charges jumped by 209 per cent from N2.186 billion to N6.77 billion.
GTBank recommended an interim dividend of 30 kobo per share same as what was paid the previous year.
The bank’s latest performance means that it currently tracks behind management’s 2020 guidance of N235 billion.
