GTBank’s Pre-tax Profit Falls For 2nd Time In 2014

By on October 25, 2014

Segun Agbaje-led Guaranty Trust Bank continued its trend of mixed results as it reported a pre-tax profit drop against a rise in revenue in the third quarter of 2014 ended September 30.

The bank said on Thursday that its nine month pre-tax profit dropped 2 percent to $487.41 million (N80.69 billion), from $496.9 million (N82.36 billion) in the corresponding period of last year. However, revenue rose to $1.2 billion (N199.24) billion, 9 percent higher than $1.1 billion (N181.99) billion recorded last year.

GTBank earlier in the year suffered similar mixed fortunes when its half year reports showed a 7 percent fall in pre-tax profits as well as a 7 percent rise in revenue.

The lender however stuck to its policy gives shareholders dividends twice a year by paying, in September, an interim dividend of $45.4 million (N7.4 billion), 25 kobo dividend per share, to its shareholders. The dividend, paid out of the $271.5 million (N44 billion) profit after tax recorded for the half year, is similar to what was paid out last year.

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