GTCO Grows Profit by 5.6% in the Third Quarter of 2022

Guaranty Trust Holding Company Plc (GTCO) on Tuesday reported a 23.7% increase in interest income from N68.945 billion recorded in the third quarter (Q3) 2021 to N85.292 billion in Q3 of 2022.

The bank disclosed this in its unaudited financial statement obtained by Investors King.

Interest expense grew to N16.452 billion in the period under review, up 25.9% from N13.057 billion filed in the same period of 2021.

The lender’s net interest income expanded by 23.2% from N55.887 billion in Q3 2021 to N68.659 billion in Q3 2022. Net fee and commission income also inched higher to N18.541 billion, a 23.8% increase when compared to N14.9 billion achieved in the corresponding period of 2021.

Net gains on financial instruments classified as held for trading declined by 14.9% from N15.303 billion in Q3 2021 to N13.025 billion.

Profit before income tax appreciated by 12.9% to N66.475 billion from N58.852 billion recorded in the corresponding period of 2021.

GTCO paid N13.684 billion as income tax in the period under review to post a profit after tax of N52.791 billion. A 5.6% improvement from N49.986 billion achieved in the third quarter of 2021.

In September, Segun Agbaje, the Group Chief Executive Officer (CEO) who commented on the bank’s first-half performance, said “We opened new doors of business to Payments Services with the launch of “HabariPay” and led with its flagship product, SquadPOS – a payment solution that allows businesses accept card payments using their mobile phones with a simple tap.

“This is a game-changer for small businesses, many of which have long been limited or left out of the digital payments ecosystem due to the payment industry’s dependence on physical POS terminals. It demonstrates how we are taking forward our mission to removing barriers to financial inclusion and making financial services accessible to everyone and every business.

“We continued to bolster the capabilities of our banking franchise across all the countries we operate, with a focus on creating value for our customers and continuously improving service across all customer touchpoints. Taken together with all our new businesses, I am pleased to report that we are making steady progress on the goals we set at the beginning of the year.”