Guaranty Trust Holding Company Plc (GTCO Plc) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, reporting gross earning of N239.289 billion.
The group half year audited financial result showed that its earnings increased by 15.09 per cent compared with N207.914 billion reported the same period in 2021.
Interest income also grew by 16.74 per cent to N147.200 billion from N126.914 billion recorded in the previous year. Interest expenses up by 38.43 per cent to N26.351 billion from N19.035 billion, bringing net interest income to N120.849 billion from N107.055 billion made in the preceding year.
An analysis of the group half year result indicated that fee and Commission income up 21.41 per cent to N46.479 billion from N38.284 billion, Fee and commission expenses increased by 369.84 per cent to N6.714 billion from N1.429 billion reported in the first half of 2021 while net fee and commission rise from N36.855 billion to N39.765 billion, representing 7.9 per cent.
GTCO Plc reported profit before tax of N103.249 billion from N93.056 billion achieved in the comparative period of 2021.
The Group’s loan book (net) increased by 1.8 per cent from N1.80trillion recorded as at December 2021 to N1.83trillion in June 2022 while deposit liabilities increased by 6.4 per cent from N4.13trillion in December 2021 to N4.39trillion in June 2022.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our results show an increase in key revenue lines and a strong performance in other financial metrics which reinforce our growth prospects as a leading financial services company. Our priority at the start of the 2022 financial year was to bring the Group’s new businesses on-stream, starting strong with a focus on long-term viability. At present, we have successfully expanded our financial services ecosystem to include HabariPay Ltd, Guaranty Trust Fund Managers Ltd, and Guaranty Trust Pension Managers Ltd, and all of them are P&L positive.”
