• Wednesday, February 28, 2024
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BusinessDay

GTCO’s quarterly profit rises 36% to N74bn

GTCO boosts profit with N334bn from FX gain

Guaranty Trust Holding Company (GTCO) has reported a profit before tax of N74.1 billion for the first quarter of this year, up 36.5 percent from N54.3 billion in the same period of 2022.

GTCO, the holding company of Guaranty Trust Bank Limited, posted a profit after tax of N58.2 billion, compared to N43.2 billion in Q1 2022.

Its net interest income jumped by 43.7 percent to N82.2 billion from N57.2 billion, while net fee and commission income increased by 37.5 percent to N29.94 billion from N21.77 billion.

Its total assets grew by 4.5 percent to N6.74 trillion in March 2023 from N6.45 trillion in December 2022.

The group’s net loan book dipped by 1.5 percent to N1.86 trillion in March 2023 from N1.88 trillion at the end of last year.

Deposit liabilities increased by 9.9 percent to N5.07 trillion in March 2023 from N4.61 trillion in December 2022.

Segun Agbaje, group chief executive officer of GTCO, said: “Our first-quarter results reflect the strength of the GTCO franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa.

“Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines.”

He said GTCO would not relent in its resolve to achieve better outcomes for people and businesses within its financial ecosystem.

“2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses,” Agbaje added.

GTCO’s net cash flow from operating activities dipped 38 percent to N106.47 billion in Q1 2023 from N171.45 billion in the same period of 2022.

Cash and cash equivalents amounted to N1.38 trillion in Q1 2023, up from N913.65 billion in the same period of 2022.

Earnings per share attributable to the equity holders amounted to N2.04 per share from N1.51 per share in Q1 2022.