Guaranty Trust Holding Company (GTCO), Nigeria’s largest bank by market capitalisation, reported a 261% surge in after-tax profit in the first 6 months of the year, after booking massive foreign exchange (FX) revaluation gains of N357.47 billion.
Nigerian companies have been hit by a 40% devaluation of the currency after newly elected President Bola Tinubu moved to a more market-friendly set of reforms, however, banks that are positioned net long the dollar have booked FX gains.
GTCO reported profit of N280.48 bn in the half-year period, up from N77.55 billion in 2022. Net interest income rose 46.8% to N177.45 bn, while Earnings per share (EPS) surged to N9.94 from N2.70.
The Group’s loan book (net) increased by 22.8% from N1.89trillion recorded as at December 2022 to N2.32trillion in June 2023, while deposit liabilities grew by 37.0% from N4.61trillion in December 2022 to N6.32trillion in June 2023.
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The tier-one lender will pay an Interim Dividend of 50 Kobo per Ordinary Share.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; “Despite the challenges in the business environment, notably inflationary pressures and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure. Improved profitability and solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development, and our people.”
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