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

...Proposes 30 kobo dividend

Guaranty Trust Holding Co Plc has released its half-year 2022 financial statement, reporting a pretax profit of N103.249 billion for the 2022 half-year, a 10.95% increase year on year.

The bank made significant improvements across key performance indicators, according to its unaudited half-year financials submitted to the Nigeria Exchange Limited (NGX).

The outcome follows an inflationary year in which businesses and consumers had to deal with rising prices for goods and services.

According to the results, the bank's gross earnings increased by 15% to N239.288 billion from N207.914 billion in 2021, driven by a 13% increase 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%.

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.

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.