GTCO reports profit of N43 billion in Q1 2022, Interest Income up by 17%

Guaranty Trust Holding Co Plc has released its Q1 2022 financial result, which revealed a profit of N43.21 billion during the period. This reflects a 5.13% decline year on year.

The bank also reported earnings per share of N1.51, a 5.63% drop from the N1.60 reported a year earlier in 2021.

The statement revealed that in Q1 2022, Net interest income grew by 9.09% from N52.43 billion to N57.20 billion in the current period. Guaranty Trust’s profit performance is on the back of margin growth as income from interest and fees and commission income appreciated year on year. However, net trading income declined y-o-y by 5.03%, subduing bottom-line profit, as well as other expenses.

Key highlights of its results

  • The Nigerian lender earned N70.64 billion, from its lending business as Interest income grew by 17.14% from N60.31 billion.
  • While loan losses during the period depreciated by 35.03%, net interest income after impairments appreciated by 10.72% to stand at N55.99 billion.
  • GTCO, however, grew its income from fees and commission rising 21.39% to N17.57 billion year on year.
  • Account maintenance charges for the Q1 2022 period grew by 23.83% from N4.18 billion in the corresponding period of 2021 to N5.17 billion, generating the highest F&C income for the group.
  • Also, the group generated a total of N15.30 billion in net trading income on financial instruments representing a 5.03% decline year on year.
  • However, the bank also made income from mark to market gains on trading investments which raked in a total of N6.83 billion.
  • The bank’s e-banking income raked in N4.05 billion, representing a 4.98% increase from N3.85 million in 2021. This indicates that the bank has made significant progress in its use of e-banking channels to deliver financial services to its consumers.
  • In addition, the bank also grew its deposits from customers by a marginal 0.82% to N4.05 trillion while its total assets are now N5.50 trillion. Net assets rose 2.89% to N908.76 billion.

Guaranty Trust Holding Co Plc last traded at N24.25 per share and its market capitalization stands at N713.71 billion as of Tuesday, April 26, 2022. Year-to-date performance shows that the share price of the company has depreciated by 6.73%.

The bank recently paid a final dividend per share of N2.70 per share, to its eligible shareholders, for the period ended December 31, 2021. The dividend was paid to the shareholders on April 8, 2022.

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