GTBank Shares Gain N1.47bn Despite 9.03% Profit Drop In Q1 2021.
Guaranty Trust Bank Plc has declared a N45.55 billion profit in the First Quarter of 2021, a drop of 9.03 per cent from the N50.066 billion recorded in corresponding period in 2020.
Accirdubg to its financial statement for first quarter (Q1) for the period ended March 31, 2021 released on Wednesday, GTBank also fell by 7.77 percent in its Profit Before Tax (PBT) for the period to N53.683billion in Q1 2021 down from N58.204 billion recorded in Q1 2020.
The lender’s income expenses made little changes, standing at N8.136 billion in March 2021 from N8.137 billion in March 2020.
The First Quarter report also shows that total equity climbed to N837.235 billion in March 2021 from N814.395 billion the previous quarter of Dec 2020, representing a surge of 2.80 percent.
Also, the Orange brand recorded a 0.97 percent increase in total assets to N4.992 trillion as at March 31, 2021 from N4.944 trillion it declared in December 31, 2020.
GTBank’s Deposit from customers rose by 2.7 percent to N3.604 trillion from N3.509 trillion it posted in year ended December 31st 2020.
Despite the sharp drop in profit for Q1, 2021, investors appeared to have reacted positively to the result announcement as the share price of GTB jumped, albeit marginally on the floor of the Nigerian Exchange Group (NGX)on Thursday.
GTBank share price rose by 0.16 percent during Thursday’s trading session on the NGX, from N31. 25 Kobo per share to N31. 3 Kobo per share.
The bank’s market capitalisation also appreciated by N1.471 billion or 0.16 percent to stand at N921.195 billion up from its last closing at N919. 724 billion
Figures from Thursday’s trading session saw the bank transacting 37. 289 million shares valued at N1.162 billion in 517 deals to emerge the most active and valuable equity on the Exchange.
Further check on the activities of the bank on the stock market revealed that its highest share price in the last one year stood at N38. 45 Kobo per share, while its lowest value traded at N18. 35 Kobo per share. The bank outstanding shares remain at 29,431,179,224.00.
Comments are closed.