WorldStage Newsonline– GT Bank on Wednesday published its first quarter (Q1) 2018 results which showed that profit before tax (PBT) grew by 4% to N52.6 billion while profit after tax (PAT) grew by 8% to N44.4 billion n, thanks to a lower effective tax rate of 15.1% from 17.7% Q1 2017..
The single-digit growth was driven by a 52% reduction in loan loss provisions and a 41% growth in non-interest income.
The growth in non-interest income was largely underpinned by fx revaluation gains of N5.5 billion from –N306.4m Q1 2017.
In contrast, funding income declined by -10%.
In terms of balance sheet trends, GTB’s loan book declined by around 7% against last quarter, while deposits grew by 7%.
