Guaranty Trust Bank Holdings (GTCO) Plc, Nigeria’s leading financial services group, has achieved a milestone by crossing N1.7 trillion in market capitalization, solidifying its position as the most valuable bank on the Nigerian Exchange.
This growth was fueled by an outstanding financial performance in the first nine months of 2024, with GTCO reporting an impressive post-tax profit of N1.09 trillion—a 195.31% increase from N367.42 billion in the same period last year. The group’s gross earnings also surged by 111.47%, reaching N1.80 trillion, driven by robust growth in both interest and non-interest income streams.
Interest income saw an exceptional year-on-year growth of 161.73%, totaling N980.34 billion, primarily from loans, advances to customers, and investment securities. Geographically, Nigeria contributed 56.81% of the group’s total interest income, while international operations delivered a staggering 200.87% increase in interest income, contributing 43.19% to the total.
Despite a 158.20% rise in interest expenses, attributed to the high-interest rate environment, GTCO’s net interest income soared by 162.65% to N781.48 billion. Non-interest income also recorded a 70.52% growth, driven by unrealized fair value gains, net fees, and commission income.
The group's efficiency is further highlighted by a 181.50% rise in pre-tax profit to N1.22 trillion. Analysts attribute this performance to GTCO’s operational resilience, efficient cost management, and strategic leveraging of Nigeria's high-interest rate environment.
With a strong trajectory of growth and increasing profitability, GTCO continues to set new benchmarks in Africa’s financial services sector.
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