GTCO posts low-profit growth in Q3 2022, out of best-performing banks list

The Guaranty Trust Holding Company (GTCO) net profit rose by 0.73 percent in the third quarter of this year.

GTCO disclosed this in its third-quarter consolidated financial report released on Wednesday.

According to the report, the Guarantee Trust Bank’s net profit rose from N129.4 billion posted in Q3 2021 to N130.3 billion in the same period this year.

Similarly, GTBank’s Net Interest Income rose by 16.4 percent year-on-year from N162.94 billion in 2021 to N189.68 billion this year.

The lender’s revenue generation from fees and commissions increased from N56.60 billion in Q3 2021 to N66.94 billion this year.

READ ALSO: GTCO to pay N0.30kobo dividend per share, as net profit falls

The report revealed that GTBank spent N30.53 billion on its employees in Q3 this year, compared to N28.19 billion spent on personnel costs in the same period last year.

Meanwhile, GTBank failed to make Ripples Nigeria’s quarterly ranking of best-performing banks in Nigeria in Q1 and Q2.

In the best-performing bank stocks for the First Half of 2022, GTBank was rated one of the worst-performing banks in the financial sector after shareholders lost -21.15 percent of their investment in the bank from January to June.

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