Nigeria’s largest bank by market capitalization, Guaranty Trust Holding Company (GTCO), has announced an impressive 261% increase in after-tax profit for the first half of this year.
Thank you for reading this post, don't forget to subscribe!This remarkable growth can be attributed to substantial gains from foreign exchange (FX) revaluations, totaling N357.47 billion.
The Nigerian business landscape has witnessed a 40% devaluation of its currency, largely due to the implementation of market-friendly reforms by newly elected President Bola Tinubu.
However, banks with a significant net long position in the US dollar have experienced substantial FX gains.
In specific financial figures, GTCO reported a half-year profit of N280.48 billion, marking a substantial increase from the N77.55 billion recorded in the same period in 2022.
Additionally, their net interest income surged by 46.8% to reach N177.45 billion. Earnings per share (EPS) also saw a significant rise, climbing from N2.70 to N9.94.
As part of their financial strategy, GTCO has decided to distribute an Interim Dividend of 50 Kobo per Ordinary Share to its shareholders.
