GTbank Sets New Banking Record, Announces Highest 3-Month Profit in 12 Years

• GTCO Plc has recorded an impressive profit after tax in the history of the Nigerian banking industry
• Data shows that in the first three months of 2024, the financial institution reported more than six times the profits it made in the same period in 2023
• The CEO of GTCO Plc, Segun Agbaje, has shared insights into the company's first-quarter achievements and future outlook

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank (GTBank), has recorded a profit after tax of N509.3 billion in the first quarter of 2024.

The amount is a 587.4% or six times increase when compared to N74 08 billion reported in the same period of 2023

Read also

Lagos, Abuja, Rivers hit hardest as fraudsters swindle N18 billion from banks, PoS operators

The profit recorded by GTBank is also the largest ever pre-tax profits in Nigerian banking history.

Breakdown of GTB'ss impressive performance

According to Legit.ng analysis of the financial results submitted to the Nigerian Exchange, the group reported a net interest income of N213.8 billion after deducting loan losses.

The bank also reported an increase in loans and advances to N74.945 billion as of March 2024, up from N66.935 billion in the same period in 2023.

Further checks show that customer deposits now stand at N9.20 trillion, a significant jump from N7.41 trillion in March 2023.

The bank's total assets rose to N13 trillion from N9.6 trillion at the end of 2023.GTCo'ss entire profit after tax for 2023 was N539.6 billion, underscoring how significant this result is for the bank and its shareholders.

Read also

After starting operations, a Nigerian refinery makes profit, pays FG N450 million as dividend

Here is a breakdown of GTbank 12 year Q1 Profit

CEO reacts toGTBank'ss result

Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), remarked on the results:

“Our first quarter results reflect the unfolding value of what we have created across all our business verticals through the Holding Company Structure—from Banking and Payments to Funds Management and Pension. We are strategically positioned to effectively compete and meet all our customers’ needs within a unified, thriving financial ecosystem.”

Expert reacts

Commenting on GTbank's result, Lagos-based financial analyst Lekan Ademola told Legit.ng that GTCO's impressive performance is thanks to the bank's prudence.

He said:

"GTCO generates more with less,. it is a bank with strong efficiency record. Among the top tier 1 banks, it has the best net interest margins and also the best cost-to-income ratio."

Read also

Traders sell dollar at new exchange rate as naira bounces back in forex markets

List of Nigeria's most valuable banks

In another report, the Nigerian banks with the highest market value have been unveiled.

Zenith Bank and GT Bank retained their positions as the most highly valued commercial banks in the Nigerian market, which they held at the beginning of the year.

However, First Bank experienced a decrease in its market value during the same period.

Source: Legit.ng