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Nigeria Biggest Lender GTB’s Profit Slumps on Bad Loan Charges

Sept. 2, 2020, 5:20 PM

Guaranty Trust Bank Plc, Nigeria’s biggest lender by market value, recorded a drop in first half profit due to higher charges for bad loans and lower fee and commission income.

Net income for the six months through June dropped 5% to 94 billion naira ($244 million) compared to 99 billion naira a year ago, the company said in a filing to the Nigerian Stock Exchange on Wednesday. Charges for loan impairment tripled to 6.8 billion naira from 2.2 billion naira, while net fee and commission income dropped 34% to 22.3 billion naira from 33.8 billion naira.

Nigerian banks are...

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