GTCO announces largest profit in first quarter

Guaranty Trust Holding Company (GTCO), owners of Guaranty Trust Bank (GTB) have announced the largest ever pre-tax profits in the history of Nigeria’s banking sector.

GTCO made the announcement in its first-quarter earning with the commercial bank posting a pre-tax profit of N509.3 billion.

According to information contained in the report, GTCO’s latest pre-tax profit is more than six times the one it made within the same period in 2023.

The bank said its profit after tax for the period under review is N457.1 billion while its total assets increased to N13 trillion from N9.6 trillion at the end of the year 2023.

GTCO said its entire profit after tax for last year was N539.6 billion while it underscored how significant the result is for the bank and its shareholders.

“The Holding Company, which includes its flagship Nigerian bank and its fledgling subsidiaries, reported a net interest income of N213.8 billion after deducting loan losses,” the report read.

“Net interest income was three times its prior year figure, highlighting the substantial profits banks are generating from loans and advances to their customers.

“In a season of high interest rates and exchange rate weakness, commercial banks tend to deliver impressive numbers.
GTCO also earned over N100 billion from investments in securities.”

Group Chief Executive Officer of GTCO, Segun Agbaje, spoke about the company’s first quarter achievements, its strength and future outlook.

“Our first quarter results reflect the unfolding value of what we have created across all our business verticals through the Holding Company Structure—from Banking and Payments to Funds Management and Pension,” Agbaje said.

“We are strategically positioned to effectively compete and meet all our customers’ needs within a unified, thriving financial ecosystem.”

Agbaje is excited that despite the challenging operating environment in Nigeria, the company still posted a very solid performance.

He also highlighted GTCO’s “significant growth across all financial and non-financial metrics,” affirming that the company remains on track to meet its full-year guidance.