Guaranty Trust Holding Company (GTCO) reported a 2.3% drop in profit for the first half (H1) of 2022 following a 5.3% decline reported in the first quarter of 2022.
The bank generated N134.986 billion in interest income calculated using the effective interest method, an increase of 15.5% from N116.864 billion recorded in H1 of 2021.
Interest income on financial assets at fair value through profit or loss grew by 32.4% to N12.213 billion in the period under review, up from N9.226 billion.
GTCO disclosed in its audited financial statement obtained by Investors King on Monday.
Interest expense increased 38.43% from N107.055 billion achieved in H1 2021 to N120.848 billion in H1 2022. Loan impairment charges moderated from N4.714 billion announced in the corresponding period of 2021 to N3.519 billion.
Net interest income after loan impairment charges expanded 14.6% from N102.340 billion in H1 2021 to N117.329 billion.
The bank grew net fee and commission income by 7.9% to N39.765 billion from N36.855 billion in 2021. GTCO, however, reported N63.569 billion in other expenses, representing an increase of 16.9% from N54.341 billion in H1 2022.
Profit before income tax grew 10.9% to N103.249 billion from N93.056 billion in H1 2021. The lender paid income tax of N25.692 billion in the period under review.
GTCO announced a profit after tax of N77.557 billion for the period. This is 2.3% below N79.414 billion posted in H1 2021.
The bank proposed to pay an interim dividend of 30 Kobo per ordinary share on the issued capital of 29,431,179,224 Ordinary Shares of 50 Kobo each payable to the company’s shareholders, subject to withholding tax.
