Earnings Report /

GCB Bank: Q3 results show strong revenue growth and expanded loan book; Buy

  • Net interest income was up 18% yoy, as the bank’s sizeable low-cost deposits helped keep funding costs low

  • Operating efficiency improved yoy, but we expect the cost/income ratio to rise to 58.8% for FY 21

  • We reiterate our Buy recommendation on GCB at 65% ETR

Gbemisola Ogungbade
Tellimer Research
2 December 2021
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