Guaranty Trust Holding Company (GTCO), one of Nigeria’s most efficiently run bank, has just announced the largest ever pre-tax profits in Nigerian banking history.
According to information contained in its first-quarter earnings, the bank posted a pre-tax profit of N509.3 billion, more than six times the profits it made in the same period in 2023.
Profit after tax for the period under review printed N457.1 billion while the bank’s total assets rose to N13 trillion from N9.6 trillion at the end of 2023.
GTCO entire profit after tax for 2023 was N539.6 billion underscoring how significant this result is for the bank and its shareholders.
The Holding Company, which includes its flagship Nigerian bank and its fledgling subsidiaries, reported a net interest income of N213.8 billion after deducting loan losses.
Net interest income was three times its prior year figure, highlighting the substantial profits banks are generating from loans and advances to their customers.
In a season of high interest rates and exchange rate weakness, commercial banks tend to deliver impressive numbers.