In the first quarter of 2021 Guaranty Trust Bank (GTBank) Plc recorded a profit after tax of N45.6 billion, which was less than N50.1 billion recorded in the same period of 2020.
The profit prior to tax obligation of the financial organization went down to N53.7 billion from N58.2 billion published in the initial quarter of 2020.
Among the factors for this reduction in the earnings made by the lender was due to lower earnings, though the expenses remained relatively flat, according to the financial statements presented to the Nigerian Exchange (NGX) on Wednesday.
The bank recorded a net interest income of N52.4 billion versus N64.3 billion printed in the first three months of last year, while the net interest income after loan impairment charges dropped to N50.6 billion from N63.1 billion, while the fee and commission income rose to N17.6 billion from N14.5 billion as a result of the rise in the account maintenance charges (N4.2 billion in Q1 2021 versus N3.3 billion in Q1 2020), corporate finance fees, e-business, amongst others.
GTBank boosted its various other income to N19.4 billion from N16.0 billion regardless of a decrease in the foreign revaluation gain.
The personnel expenses, which is majorly wages and salaries increased to N10.0 billion from N9.2 billion, while other operating costs reduced to N22.0 billion from N23.0 billion amid an increase in finance costs, AMCON expenses and administrative expenses as a reduction in other expenses, occupancy costs and outsourcing services suppressed them.
Throughout the duration, GTBank increased its consumer deposits to N3.6 trillion from the N3.5 trillion recorded in the full year of 2020, while its loans and advances to customers lower to N1.6 trillion from N1.7 trillion in FY 2020.
