GTCO Grows Profit by 223% to N906bn, Declares 3% of EPS as Dividend
Guaranty Trust Holding Company (GTCO) Plc grew profit by about 223% year on year to N905.547 billion in the first half of 2024 from N280.482 billion in the comparable period in 2023, according to its latest audited financial statement.
The board of directors declared an interim dividend of N1 per share, which is a little more than 3% of the group earnings per share despite a significant improvement in the group profitability.
MarketForces Africa details review showed that GTCO grew earnings per share by 223% year on year, up from N9.94 to N32.12. The group is paying 3% of its earnings per share (EPS) as a dividend to shareholders.
A review of the audited financials showed that the huge profitability was built upon the Financial Services Holdings Company’s top line growth in the period. Net interest income of GTCO increased by 176.9% year on year to N491.511 billion in the first half of 2024, from N177.458 billion in the comparable period in 2023.
The financial holdings company saw a significant jump in fees and commission income in the first half, according to its earnings scorecard. Fees and commission expenses also increase, but at a slow pace.
Trading gains rose by more than 90% year on year to N30.471 billion from N16.018 billion. Other operating income spiked by 69.33% to settle at N630.271 billion in the first half of 2024 from N372 billion in a similar period in 2023.
GTCO personnel expenses surged by 99.58%, up from N20.79 billion to N41.50 billion at the end of the first half of 2024. The group also saw a significant increase in its other operating expenses line, up by 55.43% year on year to N132.775 billion from N82.421 billion.
The group pretax profit hit N1.03 trillion in the first half of 2024, up by more than 206% year on year from N327.397 billion. #GTCO Grows Profit by 223% to N906bn, Declares 3% of EPS as Dividend Jaiz Bank Trades at 44% Discount to 52-Week High
