Nigeria’s Guaranty Trust Bank sees profit at $129 million – a drop from $137 million in the same period last year

(Reuters) – Nigeria’s Guaranty Trust Bank said on Tuesday it expected its pretax profit for the third quarter to hit 20.7 billion naira (US$129 million), compared with 21.9 billion naira (US$137 million) in the same period last year.

The lender said gross earnings will be 41.25 billion naira (US$259 million) in the three-months to September 2013, down 42 percent from 70.52 billion naira (US$442 million) in the same period a year ago, it said in a filing with the Nigerian Stock Exchange.

Guaranty Trust Bank did not give reasons for the fall in earnings and profit.