GT Bank’s Income Statement for 2008

In: company results

28 Apr 2009

GT Bank recently released the results for the 10-month period ended Dec 31st 2008. It was quite impressive. They provided using the IFRS and GAAP accounting standards. You can view both below:

GAAP Income Statement

IFRS  Income Statement

Here are the hightlights:

  • The PAT of NGN28.315bn is for the period ending 31 December 2008 and GTB’s prior year-end was in February. This is a 10 month period.
  • Additionally, we would add that these figures are in Nigerian GAAP and we model GTB based on its IFRS figures. This makes a like-for-like comparison impossible.
  • Earnings are up 34% over the past 10 months alone. 
  • The proposed dividend of NGN1.00 per share is in line with our forecast dividend of NGN0.97 per share 
Corporate Earnings Releases  
Guaranty Trust Bank Plc. FY period ended 31 Dec 08 
Figures in Millions of NGN

FY08

Revenue

104.120bn

PBT

35.177bn

PAT

28.315bn

Guaranty Trust Bank Plc. FY period ended 29 Feb 2009 
 

FY08

TURNOVER

81.495bn

PROFIT BEFORE TAX

27.368bn

PROFIT AFTER TAXATION

21.169bn

Proposed Dividend per share

NGN1.00

Proposed Bonus Issue

1 for 4

AGM

20 May 2009

Closure Date

06 May 2009

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