As at yesterday, October 21st , 2018 Guaranty Trust Bank (GTB) reported gross earnings of N337.22billion for the nine months, which ended September 30th,2018. Showing an increase of nine percent, compared with N309.16billion posted in the corresponding period of 2017, the banks net increase income fell by 10 percent to N170.6billion from N189.7billion.
However, loan charges decline by 79 percent from N8.357 to N1.74billion in 2017. The bank’s profit before tax (PBT) rose by nine percent from N150.032 to N164.245billion.The profit after tax (PAT) rose by 10 percent from N125.578 to N142.224billion.
According to Cordos Capital, Guaranty Trust Bank remains among the top picks with a target price of N52.45, 42 percent above closing price of N37.