GTCO reports slow earnings, makes N43.20bn PAT for Q1 2022

Guaranty Trust Holding Company (GTCO) has reported increase in net interest income for first quarter 2022. However, its profit after tax slumped when compared to the corresponding period of 2021.

In its Unaudited Consolidated and Separate Financial Statements released on Tuesday via the NGX portal, GTCO disclosed that the net interest income for Q1 2022 was N57.20 billion.

Read also: GTCO acquires Investment One, founded by former director, Nicholas Nyamali

This is a 9% rise in earnings drawn from its interest-bearing assets after factoring the cost of servicing GTCO liabilities. During the same period last year, the firm had grossed N52.47 billion.

At the end of the first quarter this year, GTCO had issued N50.87 billion to its account holders, surpassing the N44.31 billion the financial institution disbursed in Q1 2021.

Within January to March 2022, Guaranty Trust Holding generated N4.04 billion from its electronic banking services, topping the N3.85 billion the company grossed during the corresponding quarter last year.

Guaranty Trust entered into the next quarter with N43.20 billion as profit after tax from Q1. This fell short of the N45.54 billion the company grossed in Q1 2021, as earnings slowed within the first three months this year.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now