Guaranty Trust Holding Company (GTCO), one of Nigeria’s largest lenders has continued to reap huge foreign exchange gains with yet another N334.35 billion to enhance the bank’s earnings.
Profit after tax increased to N367.42 billion in 9M 2023 from N130.35 billion in the same period of 2022.
The lender recorded foreign-exchange revaluation gains of N334.35 billion in 9M’ 2023, as against a loss of N7.4 billion in the same period of 2022.
Net impairment loss on financial assets rose to N22.2 billion in 9M’2023 from N543,000 in the same period of 2022.
GTCO’s net interest income increased to N297.54 billion from N189.69 billion while net fee and commission income increased to N30.93 billion from N22.71 billion.
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Account maintenance charges increased to N18.05 billion in 9M’2023 from N15.88 billion in the comparable period of 2022 while transfers related charges amounted to N7.45 billion from N4.32 billion.
E-business income increased to N30.91 billion in 9M’2023 from N26.94 billion in the same period of 2022.
GTCO’s commission on foreign exchange deals grew to N9.12 billion in 9M’2023 from N6.48 billion in the same period of 2022.
However, net trading income dropped to N29.19 billion in 9M’2023 from N36.62 billion in the same period of 2022.
Net trading gains on bonds dropped to N505.73 million in 9M’2023 from N2.6 billion in the same period of 2022.
Net trading gains on treasury bills amounted to N2.79 billion in 9M’2023 from N2.01 billion in a similar period of 2022.
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Net trading gains on special bills amounted to N506,000 in 9M’2023 from a loss of N49,000 in the same period of 2022.
Net trading gains on euro bonds dropped to N199.29 million from N305.47 million while the total
The holding company’s loan impairment charges increased to N89.46 billion in 9M’2023 from N3.7 billion in a similar period in 2022.
Personnel expenses surged to N37.58 billion in 9M’2023 from N30.54 billion in the similar period of 2022.
Depreciation and amortisation increased to N29.7 billion in 9M’2023 from N27.09 billion in the same period of 2022.
Cash and cash equivalents at the end of the period rose to N2.11 trillion in 9M’2023 from N1.18 trillion in the same period of 2022.
Movements in cash and cash equivalents reveal that net cash flow provided by operating activities dropped to N88.85 billion in 9M’2023 from N519.39 billion in the same period of 2022.
Net cash flow used in investing activities stood at N708.65 billion from N70.46 billion while net cash flow used in financing activities surged to N142.57 billion from N100.12 billion.
Earnings per share attributable to the equity holders stood at N12.98 per share in 9M’2023 from N4.55 per share in the same period of 2022.
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