GT Bank Posts N77.58bn Profit After Tax In H1 2022
GT Bank has recorded a profit after tax of N77.58 billion between January and June 2022, representing 15% of the aggregate net profit posted by the thirteen banks.
NewsBeatng reports that the bank saw a 2.3% decline in its bottom line from N79.42 billion recorded in the corresponding period of 2021.
The decline could be attributed to increases in operating and tax expenses.
NewsBeatng gathered that between January and June 2022, the bank spent a sum of N63.57 billion on operating expenses, 17% higher than the N54.34 billion incurred in the corresponding period of 2021.
The increase in its expense line dwarfed the 15.1% growth recorded in its total revenue, while personnel expenses increased by 7.6% year-on-year to N18.54 billion.
Meanwhile, tax expenses surged by 88.3% to M25.69 billion in the review period.