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



The net profit of Guaranty Trust Holding Company (GTCO) depreciated by -2.33% in the first half of 2022, despite its net interest income rising during the same period this year.

Guaranty Trust Holding Company reported its net interest income rose to N120.84 billion between January to June this year, surpassing the N107.05 billion posted in the corresponding period last year.

According to the financial statements covering the company’s earnings in H1 this year, GTCO stated that its profit before tax had surged to N103.24 billion, above the N93.05 billion recorded in the first half of 2021.

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

However, after paying a tax of N25.69 billion during the period in review, which is significantly above the N13.64 billion paid same period last year, the firm’s net profit depreciated by -2.33%.

Records showed that Guaranty Trust Holding Company’s profit after tax fell short of N1.85 billion, considering the financial institution had posted N79.41 billion as net profit between January to June 2021, but could not surpass the retained earnings, posting N77.55 billion in H1 2022.

With the net profit down, GTCO said it will pay dividend of N0.30kobo per ordinary share of N0.50kobo to shareholders whose names appear on the register of members as of September 12, 2022.

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