GTBank reported its first half earnings to the Nigerian Stock Exchange today. The largest bank in Nigeria, by stock market capitalization posted headline earnings of N124 billion, a 9.4% increase over the N113 billion it earned during the similar period of 2012.
Profit before tax was N57.3 billion, representing a 7% increase above the N53.6 billion reported at H1, 2012.
Tax payments also reduced 4% in this period, leading to a net income of N49billion, 9.1% higher than the N44.9 billion recorded at the end of H1, 2012.
The company’s management has proposed a dividend of N7.4 billion (or 25kobo per share), payable to its shareholders on the 16th of September.
The current share price of the company is N25.25.
Analysts at foremost Investment house, Renaissance Capital maintain that the company’s H1 performance is in line with their expectations, and have placed a BUY recommendation on GTBank shares.