Business

GTCO grows half year 2022 pretax profit by 11% to N103 billion

Guaranty Trust Holding Co Plc has released its half-year 2022 financial result posting pretax profit of N103.249 billion for its 2022 half-year, representing a growth of 10.95% year-on-year.

According to the Bank’s unaudited half-year financials submitted to the Nigeria Exchange Limited (NGX), it made significant improvements across key performance indicators.

The result is on the back of an inflationary year, where businesses and their consumers have had to deal with the rising cost of goods and services.

Analysis of the results indicates that the bank’s gross earnings rose by 15% to N239.288 billion from N207.914 billion reported in 2021, driven by a 13% growth in net-interest income.

Profit after tax stood at N77.557 billion from N79.41`4 billion posted in 2021, representing a marginal drop of 2.34%.

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Interest income calculated using the effective interest method rose by 15.5% to N134.985 billion from N116.864 billion recorded in the half year of 2021.

According to the group, during the period under review, Directors proposed the payment of an interim dividend in the sum of 30 Kobo per ordinary share on the issued capital of 29,431,179,224 Ordinary Shares of 50 Kobo each payable to Shareholders on the register of shareholding at the closure date.

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Withholding tax will be deducted at the time of payment. There was no income tax consequence on the Company as a result of the dividend pay-out, as the Company is only required to deduct this tax at source on behalf of Tax authorities in Nigeria. The tax so withheld represents an advance payment of income tax by the recipient shareholders.

Other key financial highlights

  • Net interest income after loan impairment charges grew by 14.64% to N117.329 billion in 2022 from N102.340 billion in 2021
  • Fee and commission income rose by 21.41% to N46.479 billion from N38.284 billion in 2021
  • Fee and commission expenses grew by 370% to N6.713 billion from N1.428 billion in 2021
  • Other income declined by 14.86% to N22.011 billion from N25.853 billion the previous year

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