Guaranty Trust Holding Company (GTCO Plc), Nigeria’s leading financial institution, grew profit after tax by 4.11 percent to N49.986 billion in the three months ended September 30, 2021.
This was slightly higher than the N48.012 billion filed in the third quarter (Q3) of 2020, according to the bank’s unaudited financial statements released on Tuesday and obtained by Investors King.
The lender’s interest income drops by 7.48 percent to N68.945 billion in the third quarter under review, down from N74.518 billion achieved in Q3 2020.
Interest expense inched slightly higher to N13.057 billion in Q3 2021, representing an increase of 5.3 percent when compared to N12.397 billion filed in the same period of 2020.
As expected, GTCO’s net interest income moderated by 10.03 percent from N62.121 billion in Q3 2020 to N55.887 billion in Q3 2021.
Net interest income after loan impairment charges stood at N54.608 billion in Q3 2021, a decline of 7.04 percent from N58.745 billion recorded in Q3 20210.
However, GTCO was able to plug further decline with a 67.39 percent increase in fee and commission income. The bank realised N18.318 billion in fee and commission income in Q3 2021, up from N10.944 billion charged in Q3 2020.
Fee and commission expense increased slightly to N3.343 billion in the quarter under review, up from N2.239 billion in Q3 2020.
The bank grew net fee and commission income by 72.07 percent to N14.976 billion in Q3 2021 from N8.704 billion achieved in Q3 2020.
Also, the bank’s net gains on financial instruments classified as held for trading dipped slightly to N8.048 billion in Q3 2021. While other income improved from N11.157 billion in Q3 2020 to N15.283 billion in Q3 2021.
Profit before income tax grew slightly by 2.11 percent to N58.852 billion in Q3 2021 from N57.638 billion in Q3 2020. The bank paid N8.866 billion in taxes in the period under review.
GTCO loses N9.491 billion to forex differential in the third quarter but also made N2.847 billion due to forex differential to take its total comprehensive income for the quarter N44.618 billion.
