GTCO Profit Jumps by 217% to N340bn in 6 Months, CEO Explains Performance
- Guaranty Trust Holding Company Plc has declared a huge profit for the first six months of 2023
- The remarkable profit was said to be made possible by the massive improvement in key metrics in its financial result
- GTCO CEO Segun Agbaje provided a breakdown of the company's performance and future expectation
Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank, has reported a profit before tax (PBT) of N327.4 billion in the first half of the 2023 financial period.
This is an increase of 217.1% over N103.2bn recorded in the corresponding period that ended in June 2023.
Source: UGC
The group disclosed this in its audited consolidated and separate financial statements submitted to the Nigerian Exchange.
Key numbers from GTCO H1 2023 result
- Gross earnings increased to N672.60 billion
- Income Tax- N46,91 billion
- Profit for the period after deductions- N280.48bn
- Loans and advances to customers - N2.31 trillion
- Personnel expenses- N20.79 billion
- Deposits from customers- N6.23 trillion
- Net interest income- N177.45 billion
- Bank's total assets- N8.5 trillion
- Shareholders funds- N1.2 trillion
CEO speaks on performance
Speaking on the company's performance, Segun Agbaje, the group chief executive officer of GTCO Plc, said:
“Our half-year audited results reflect the strong business fundamentals underpinning the GTCO franchise, the quality of our past decisions in future-proofing our balance sheet for challenging times, and the sound practices that guide our day-to-day operations.
“Despite the challenges in the business environment, notably inflationary pressures and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure.
"We remain committed to seeking better outcomes for our customers by ensuring that our products and service offerings support our customers and their businesses through their evolving realities whilst also taking every opportunity to optimise stakeholder value.”
Expert speaks
Explaining the GTCO performance, Gibert Ayoola a stock market expert, noted that the merger consummation transformed GTbank into holdCo is beginning to take a tolling growth on its Q2 2023 half-year financial results.
He explained:
"During the half-year period, the group recorded an increase in revenue growth performance from N239 billion to N673 billion, and the company's profit for Q2 2023 grew to N280 billion from N78 billion.
"Earnings per share (EPS) also showed a significant improvement, increasing from N2.70 to N9.95. Other key metrics also demonstrated improvements compared to the previous year."
FG moves to end 0.5% deductions on banks' accounts
In another report, Legit.ng revealed that Nigerian banks are set to receive good news soon as the federal government has decided to wind down AMCON.
AMCON was introduced in 2010 to help recover the bad loans in the banking system.
To achieve this, AMCON removes 0.5% of every bank's total assets, including off-balance sheet assets.
Source: Legit.ng
