GTBank, Stanbic IBTC Announce N135bn Half-year Profit

Guaranty Trust Bank (GTBank) Plc and Stanbic IBTC Holdings Plc yesterday announced their respective audited half year results for the period ended June 30, 2020, showing a combined profit after tax of N135 billion.

Both financial institutions recommended interim dividend for shareholders.

The results showed that GTBank’s profit before tax (PBT) stood at 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.

GTBank recommended an interim dividend of 30 kobo per share same as what was paid the previous year,

Details of the results of GTBank 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.

On the hand, Stanbic IBTC posted gross earnings of N126.57 billion in 2020, up from N117.374 billion in 2019. The bank’s loan impairment charges was N6.404 billion as against a loan write back of N557 million in 2019.

Stanbic IBTC ended the first half of the year with profit after tax of N45.204 billion, up by 24 per cent, from the N36.245 billion recorded in the comparable period in 2019. Stanbic IBTC Holdings also recommended an interim dividend of 40 kobo per share as against 100 kobo per share the previous year.

Commenting on the performance of GTBank, analysts at FBNQuest said the PBT of N109.7 billion declined by five per cent and currently tracks behind management’s 2020 guidance of N235 billion.