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GTCO Reports Record N539.6 Billion Profit In 2023, Bolstered By Revaluation Gains

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GTCO Reports Record N539.6 Billion Profit In 2023, Bolstered By Revaluation Gains

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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%.  

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.  

 

 



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