Nigeria’s Guaranty Trust Bank (GTBank) will redeem its
existing Eurobond at maturity and consider issuing a fresh one, its
chief executive said on Tuesday.
“We probably will redeem everything, but we might raise fresh bond …
subject to pricing, prevailing environment,” Segun Agbaje told an
investor conference call.
Agbaje said he expected Nigeria to devalue its currency again by
another 10 percent owing to the persistent decline in crude oil prices
which have spooked foreign investors and prompted them to exit
naira-denominated assets.
Nigeria’s Guaranty Trust Bank (GTBank) reported an 18.2 percent rise
in first-half pretax profit to N63.11 billion ($317 million), compared
with the same period last year.
Gross earnings also climbed to N152.99 billion in the six months to
end-June from N132.98 billion a year earlier, the bank said in a
statement.
Interest income increased to N113.88 billion from N99.71 billion last year, the bank said.
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