Earnings Alert (GTB): Impairment loss soar by 52% as PBT decline by 7.8%

GTB 1st Quarter Financials (Highlights)

Interest Income declined by -21.7%, as a result, net interest income declined by -18.4%. The impact of the drop in interest income on net interest income was abated by a -38.3% drop in interest expense.

The success recorded with interest expense was supported by the 55% growth in savings deposit to N1.2 trillion (Q1’20: N754 billion).

  • Profit after tax declined by 9% to N45.5bn.
  • Net Assets grew by 2.8% from N814bn to N837bn.

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