Guaranty Trust Bank has posted a drop of 7.77 per cent in its Profit Before Tax for the first quarter of 2021.
This is according to the company’s ‘March 2021 Condensed Unaudited Group Financial Statements’ released on Wednesday.
The result showed that the company’s PBT declined to N53.68bn in the first quarter from N58.204bn reported in Q1 2020, while its Profit After Tax also fell by 9.03 per cent to N45.55bn from N50.07bn in the period under review.
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After impairment loss on financial assets, the company’s net interest income dropped by 19.8 per cent to N50.57bn in Q1 2021 from N63.06bn recorded in the corresponding quarter of 2020.
Further analysis on the Tier-1 bank’s Q1 2021 result indicated that the net interest income fell by 18.43 per cent to N52.43bn in 2021 relative to N64.28bn posted in 2020.
Gross earnings were also negative, falling by 5.94 per cent to N106.17bn in Q1 2021 from N112.87bn reported in the corresponding quarter of 2020.
However, the bank’s total assets, which stood at N4.94tn in Q1 2020, rose to N4.99tn in Q1 2021, representing a 0.97 per cent growth, while its total liabilities also grew by 0.61 per cent to N4.156tn from N4.13tn.
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