Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank (GTBank), has recorded a profit after tax of N509.3 billion in the first quarter of 2024.
The amount is a 587.4% or six times increase when compared to N74 08 billion reported in the same period of 2023
The profit recorded by GTBank is also the largest ever pre-tax profits in Nigerian banking history.
According to TimesNow.com.ng analysis of the financial results submitted to the Nigerian Exchange, the group reported a net interest income of N213.8 billion after deducting loan losses.
The bank also reported an increase in loans and advances to N74.945 billion as of March 2024, up from N66.935 billion in the same period in 2023.
Further checks show that customer deposits now stand at N9.20 trillion, a significant jump from N7.41 trillion in March 2023.
The bank’s total assets rose to N13 trillion from N9.6 trillion at the end of 2023.GTCo’ss entire profit after tax for 2023 was N539.6 billion, underscoring how significant this result is for the bank and its shareholders.
Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), remarked on the results:
Commenting on GTbank’s result, Lagos-based financial analyst Lekan Ademola told TimesNow.com.ng that GTCO’s impressive performance is thanks to the bank’s prudence.
He said:
In another report, the Nigerian banks with the highest market value have been unveiled.
Zenith Bank and GT Bank retained their positions as the most highly valued commercial banks in the Nigerian market, which they held at the beginning of the year.
However, First Bank experienced a decrease in its market value during the same period.
Source: TimesNow.com.ng
