GTCO records N43bn profit in Q1 2022, e-banking rakes in N4.05bn

Guaranty Trust Holding Co Plc (GTCO) has reported a profit of N43.21 billion in its first quarter 2021 result, representing a 5.13% decline year on year.

The bank also reported earnings per share of N1.51, a 5.63% drop from the N1.60 reported a year earlier in 2021, according to the result released on Tuesday.

Further breakdown of the numbers showed that interest income grew by 9.09% from N52.43 billion to N57.20 billion in the current period.

Guaranty Trust’s profit performance is on the back of margin growth as income from interest and fees and commission income appreciated year on year.

However, net trading income declined y-o-y by 5.03%, subduing bottom-line profit, as well as other expenses.

The bank earned N70.64 billion, from its lending business as Interest income grew by 17.14% from N60.31 billion.

Loan losses during the period depreciated by 35.03%, but net interest income after impairments appreciated by 10.72% to stand at N55.99 billion.

The lender, however, grew its income from fees and commission rising 21.39% to N17.57 billion year on year.

Other highlights include:

Account maintenance charges for the Q1 2022 period grew by 23.83% from N4.18 billion in the corresponding period of 2021 to N5.17 billion, generating the highest F&C income for the group.

Also, the group generated a total of N15.30 billion in net trading income on financial instruments representing a 5.03% decline year on year.

The bank also made income from mark to market gains on trading investments which raked in a total of N6.83 billion.

The bank’s e-banking income raked in N4.05 billion, representing a 4.98% increase from N3.85 million in 2021. This indicates that the bank has made significant progress in its use of e-banking channels to deliver financial services to its consumers.

In addition, the bank also grew its deposits from customers by a marginal 0.82% to N4.05 trillion while its total assets are now N5.50 trillion. Net assets rose 2.89% to N908.76 billion.