Guaranty Trust Holding Company Plc (GTCO), a multinational financial services group, has seen a significant growth in after-tax profit in the first half of 2024, according to BusinessDay analysis. The company’s after-tax profit increased by 223 percent, reaching N905.6 billion compared to N280.5 billion in the same period of 2023. The growth in income segments was driven by a 176.9 percent increase in net interest income and a 96.3 percent increase in net fee and commission income. Loan impairment charges decreased to N47.4 billion, and net impairment charges on other financial assets also saw a decline. GTCO reported a profit before tax of N1.004 trillion, making them the first Nigerian financial institution to surpass the N1 trillion mark in profit. The group’s unrealised gains reached about N619.3 billion, with the bulk of income coming from unrealised fair value gains on financial instruments. The group’s net loan book increased by 25.5 percent year-to-date, reaching N3.11 trillion in June 2024. Deposit liabilities also grew by 39.8 percent year-to-date, reaching N10.55 trillion. CEO Segun Agbaje expressed pride in the company’s performance and commitment to creating sustainable value for stakeholders across different business verticals.
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