In 2015, GT Bank’s profit was impaired by huge loan loss provisions, which rose by a whopping 78 per cent year-on-year. The bank’s loan loss provisions rose to N12.4 billion in 2015, compared with N7.1 billion in 2014.
Last month, Fitch, a ratings agency, revised the stable outlook on three large Nigerian banks – including GT Bank (others being First Bank and UBA) because of their significant exposures to the oil and gas sector.
Fitch said it revised the outlook on GT Bank because the bank allocated 17 per cent of its loan book to Nigeria’s oil and gas sector as well as the manufacturing sector, which have been hit hard by the slump in global oil prices and the country’s foreign exchange restrictions. [pro_ad_display_adzone id=”70560″]
Despite these headwinds, GT Bank said its revenues rose 8.4 percent year-on-year to N301.9 billion in 2015, compared with N278.5 billion in 2014.
The bank’s net interest income rose 14.3 percent year-on-year to N229.2 billion in 2015, compared with N200.6 billion in 2014. However, the bank’s non-interest income fell 8.3 percent year-on-year to N69.3 billion, compared with N75.8 billion in 2014.
GT Bank has declared a final dividend of N1.52 per share for 2015 full year (adding an interim dividend of N0.25 per share, brings total dividend to N1.77 per share).
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