Although the country that GTBank intends to invest in is not known, the company is in search of more growth opportunities in the Eastern part of the continent. This will increase the bank’s base to 10 countries in the Sub-Saharan Africa.

Speaking on the expansion plan of GTBank, the Chief Executive Officer, Segun Agbaje, said the management was still deliberating on the type of investment that would be done as well as weighing and discussing the acquisition.

 

Segun Agbaje

“We’ll start to look at other things, probably outside of what you are seeing us doing now, some of it might be to look at making acquisitions outside of Nigeria.

“In East Africa, we have to do one of two things: We either have to bring in capital or we have to think of acquisitions,” the CEO informed the lender’s investors.

In the Eastern region of Africa, GTBank already has operations in Kenya, Uganda, Tanzania and Rwanda.

The expansion move is coming on the back of a decline in the 2019 Half-Year when GTBank reported a 2% decrease in its gross earnings for the half-year period ended June 30th, 2019.

This was disclosed in the bank’s H1 2019 financial statements published on the website of the NSE. The bank’s gross earnings for the period stood at N221.9 billion, compared to N226.6 billion recorded in 2018.

However, the bank’s Profit After Tax stood at N99.1 billion in June 2019 as against N95.6 in June 2018, representing a 3.7% increase, while its Earnings Per Share (EPS) grew to N3.50 in June 2019, up from N3.38 in the comparable period in June 2018.

The company also declared an interim dividend of 30 kobo per ordinary share of 50 kobo for the period ended Sunday, June 30, 2019 (Half-Year).