The Nigerian Stock Exchange on Tuesday published GT Bank’s fourth quarter (Q4) 2012 results Profit Before tax (PBT) put at N26.136 billion (105.3%) which added up to N103.028 billion in full year at (66.0%) growth.
The bank recorded a profit after tax (PAT) after minority interest of N23.032 billion in Q4 (73.0%) growth and N86.193 billion in full year at 77.1% growth.
It recorded Interest income of N45.411 billion in Q4 (26.9%) growth and N170.295 billion (34.7%) growth in full year.
With these results, GT Bank closed 2012 with an impressive ROAE of 33.5%, according to analysts from FBN Capital.
“The next best ROAE by any Nigerian bank is likely to be around the 23% mark by our estimate. Sequentially the growth in PAT was also impressive at 21%. Further up the P&L, the growth rates were less impressive, with profit before provisions growing 9.2% y/y and 8.2% q/q. In fact, if we exclude the provisions line completely, operating income came in at N23.6bn, up just 0.9% y/y and declined -2.6% q/q. Relative to our estimates, the Q4 results were 7% below our estimate at the operating income (after opex but before provisions) line. However, once the positive provisions figure of N2.5bn is factored in, PBT beat our forecast by 8.3% and PAT by 14.7%, thanks to a lower-than-expected tax rate of 12.2% (vs our 16.6% estimate). Consensus PBT forecast was similar to ours,” FBN Capital said.
Source: WorldStage Newsonline
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