GTCO reports N539.6 billion profit in 2023


April 9, 2024.

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Azonuchechi Chukwu.

Guaranty Trust Holding has reported a gross earnings of N1.187 trillion, representing 120.03% increase from the N539.235 billion reported the year prior.

A cursory review of the financial statements delineates the sources of the gross earnings. Interest income stands out as a substantial contributor, comprising 46.42% of the gross earnings.

The Group also reported a profit before tax of N609.308 billion for the year ended 31 December 2023 and proposed a final dividend of N2.70.

Additionally, foreign exchange (FX) revaluation gains of N449.347 billion played a pivotal role, contributing 37.24% to the gross earnings.

This represents a notable shift from the preceding year, where interest income accounted for 60.34% and FX revaluation gains contributed a modest 10.74%.

Gross earnings: N1.187 trillion +120.03% YoY

Interest Income: N550.755 billion +69.25% YoY

Interest Expense: N114.059 billion +72.56% YoY

Net interest income: N436.697 billion +68.41% YoY

Loan impairment charges: N102.953 billion +758.91% YoY

Net interest income after loan impairment charges: N333.743 billion +34.95% YoY

Net fees and commission income: N109.428 billion +18.95% YoY.

FX revaluation gain: N441.791 billion +662.54% YoY

Other operating expenses: N122.429 billion +31.56% YoY

Profit for the period N539.655 billion +218.99% YoY.

Earnings per share: N19.05 +220.17% YoY

Loans and advances to customers: N2.480 trillion +31.52% YoY.

Cash and bank balances: N2.310 trillion +42.47% YoY

Total Assets N9.691 trillion +50.33% YoY.

Customers’ deposits N7.411 trillion +65.23% YoY.

Share capital & share premium: N138.187 billion

Retained earnings: N580.024 billion +169.96% YoY.

Additionally, the bank has recommended a final dividend of N2.70 per share, resulting in a total dividend payout for the year of N3.20 per share.

This figure includes an interim dividend of N0.50 per share, which was previously declared and paid.

This dividend announcement signifies a 3.23% increase in payout compared to the dividends distributed in the previous year. (

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Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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