Bloomberg News

Guaranty Trust Bank 9-Month Profit Advances 32 Percent

October 21, 2011

(Corrects analyst comment in third paragraph on weaker quarter-on-quarter earnings in story published yesterday.)

Oct. 20 (Bloomberg) -- Guaranty Trust Bank Plc, Nigeria’s second-largest lender by market value, posted a 32 percent increase in profit for the nine months through September.

Net income climbed to 37.9 billion naira ($243 million) compared with 28.8 billion naira a year earlier, the Lagos-based lender said in a statement published on the website of the Nigerian Stock Exchange today. Revenue advanced 18 percent to 126.1 billion from 107.2 billion from a year earlier.

The lender has made a “steady rebound in credit” which supports its future earnings potential, Adesoji Solanke, a Lagos-based banking analyst at Renaissance Capital, wrote in an e-mailed note.

The Lagos-based bank’s loans and advances rose 18 percent to 666.6 billion naira from 563.4 billion naira a year earlier. Deposits jumped 25 percent to 888.8 billion naira from 713.1 billion naira.

Guaranty Trust’s shares declined for the first day in four, retreating 30 kobo, or 2.2 percent to 13.2 naira at the close of trading in Lagos, the commercial capital.

--Editors: Antony Sguazzin, Dulue Mbachu

To contact the reporter on this story: Chris Kay in Abuja at

To contact the editor responsible for this story: Antony Sguazzin at

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