Guaranty Trust Bank (GTB) recorded a 13.26 percent profit after Tax (PAT) growth in Nine months in 2018 bringing it up to N142.224 billion from N125.578 billion recorded in the same period in 2017.

The commercial lender showed in its financial report published on Thursday that its profit before tax (PBT) similarly grew by 15.48 percent from N142.224 billion recorded in the period in 2017 to N164.246 billion recorded in the third quarter of 2018.

The financial report showed that the bank’s interest income was largely flat as it declined marginally by 4.32 percent to close at N248.270 billion in the period against N237.545 billion which it recorded in the same period in 2017, and its net interest income also was largely flat as it marginally declined by 9.98 percent to close at N170.642 billion against N189.566 billion which it recorded in the same period in 2017.

The lender succeeded in improving the profit it amassed from investments which led to 101.89 percent growth from N9.939 billion of 2017 third quarter to N20.066 billion recorded in the same period in 2018. Its other income also grew exponentially by 119.21 percent to N39.311 billion recorded in 2018 from N17.933 billion recorded in the third quarter of 2017.

This is even as it improved its spending on its staff personnel by 14.18 percent which came to N28.121 billion in the period in 2018 from N24.629 billion recorded in the third quarter of 2017. Its other operating expenses similarly grew by 11.16 percent from N53.022 billion recorded in the period in 2017 to N58.939 billion recorded in the third quarter of 2018.

Its equity fund declined by 14.54 percent from N625.167 billion recorded in the quarter in 2017 to N534.296 billion recorded in the third quarter of 2018.

The bank’s total assets between the third quarter of 2017 and that of 2018 was largely flat with Total assets growing pretty marginally by 2.45 percent to come to N3.433 trillion against N3.351 trillion recorded in the same period in 2017, while total liabilities also grew marginally by 6.35 percent from N2.725 trillion recorded in third quarter, 2017 to N2.899 trillion recorded in the sam3 period in 2018.

Also, the deposit money (DMB) entity’s earnings per share grew by 13.29 percent from N4.44 recorded in the third quarter of 2017 to N5.03 recorded in the third quarter in 2018.

Further analysis showed that the bank’s Price Earnings ratio stood at 7.36 percent, Earnings yield stood at 13.59 percent with its stock being exchanged for N37 in the day when the report was made public.

Between the third quarter of 2017 and that of 2018 the stock of the bank has moved between N31.95 which it recorded September 10, 2018 and N57 which it recorded January 19, 2018.