- Guaranty Trust Holding Company reported an 88.47 per cent increase in profit after tax to N1.017 trillion in 2024
- It recorded a profit after tax of N1.266 trillion in 2024
- GTCO declared N7.03 as the dividend per share.
Guaranty Trust Holding Company (GTCO) Plc has reported a profit after tax of N1.017 trillion in 2024.
According to the company’s 2024 audited financial results, the figure represents an 88.47 per cent increase from the N539.6 billion reported in 2023, the highest ever profit reported by the company in its history.
The results also showed that the bank holding company recorded a profit after tax of N1.266 trillion, a 107.8 per cent increase from N609.3 billion in 2023.
Details of GTCO’s 2024 financial results
Further analysis of GTCO’s 2024 financial results showed that its gross earnings also surged by 81.1 per cent from N1.13 trillion in 2023 to N2.148 trillion in 2024.
Its net interest income also saw a staggering 301.3 per cent increase to N1.752 trillion and a cash and cash equivalent of N4.673 trillion, representing a 102.3 per cent increase year-on-year.
GTCO’s total assets stood at N14.795 trillion, a 52.7 per cent increase year-on-year, while retained earnings increased by 127.5 per cent year-on-year to reach N1.319 trillion in 2024.
As a result, the company declared N7.03 as the dividend per share.
Like GTCO like Zenith Bank
GTCO’s over N1 trillion reported profit after tax in 2024 mirrors that of Zenith Bank, which recently reported N1.033 trillion profit after tax, which is also the first in the bank’s history.
Zenith Bank’s profit after tax indicates a 52.5 per cent year-on-year from the N676.9 billion reported in 2023.
The bank’s audited financial results also showed that the banks reported a 66.6 per cent increase year-on-year in profit before tax of N1.32 trillion, which is also a record for the bank.
9 out of 25 Nigerian banks among Africa’s largest lenders by Tier 1 capital, total assets
Meanwhile, TheRadar earlier reported that Guaranty Trust Bank was among the nine out of 25 Nigerian banks on the list of Africa’s largest lenders by Tier 1 capital and total assets.
This was revealed by The Banker’s 2024 Top 100 African Banks, indicating that only 36 per cent of Nigerian banks have enough capital to be classified as tier 1 banks in Africa.
