GTCo rides on e-banking revenue rise of 5%, interest income rise of 17%
By Jeph Ajobaju, Chief Copy Editor
Guaranty Trust Holding Co (GTCo) made N43.21 billion profit in the first quarter ended March (Q1 2022), a 5.13 per cent decline year-on-year (YoY); and reported N1.51 earnings per share, which dipped 5.63 per cent against N1.60 in Q1 2021.
Its financial results show that net interest income grew 9.09 per cent to N57.20 billion from N52.43 billion. Income from interest and fees and commission income also appreciated.
But net trading income declined 5.03 per cent, reducing bottom line profit.
GTCo earned N70.64 billion from lending business as interest income grew 17.14 per cent from N60.31 billion.
Loan losses depreciated 35.03 per cent and net interest income after impairments rose 10.72 per cent to N55.99 billion YoY.
Income from fees and commission rose 21.39 per cent to N17.57 billion.
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Other details
Account maintenance charges grew 23.83 per cent to N5.17 billion in Q1 2022 from N4.18 billion in Q1 2021 – the highest in the fees and commission income metric.
The GTCo group generated a total N15.30 billion in net trading income on financial instruments but it is a 5.03 per cent decline versus Q1 2021, according to reporting by Nairametrics.
The bank made income from market to market gains on trading investments which brought in N6.83 billion.
E-banking income clocked N4.05 billion, a 4.98 per cent jump from N3.85 million in Q1 2021 – showing progress in the use of e-banking channels to deliver financial services to consumers.
- Customer deposits grew 0.82 per cent to N4.05 trillion
- Total assets are now worth N5.50 trillion
- Net assets rose 2.89 per cent to N908.76 billion
The market capitalisation of GTCo was N713.71 billion as of 26 April. But Year-to-date performance shows the share price has depreciated 6.73 per cent.
The bank on 8 April 2022 paid shareholder a final dividend of N2.70 per share for the year ended 31 December 2021.