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A profit before tax of N1.27 trillion was declared by Guarantee Trust Holding Company Plc (GTCO) for the fiscal year 2024, which represents a 103.8% increase over the N609.31 billion reported in 2023.
The group also reported an after-tax profit of N1.02 trillion in its audited financial statement, which was made public on the Nigerian Exchange Limited on Friday. This represents an increase of 88.6% from N539.66 billion in 2023.
Due to its outstanding performance, GTCO is now ranked second only behind Zenith Bank Plc, which had reported a PBT of N1.33 trillion for the same time, as one of Nigeria’s most profitable financial institutions in 2024.
The Board of Directors of GTCO has suggested a final dividend of N7.03 per share in response to the company’s remarkable earnings growth. This would raise the total payout for the fiscal year that concluded on December 31, 2024, to N8.03 per share, a substantial increase from the N3.20 per share that was announced in 2023.
Credit: GTCO Plc
In a report to the NGX, the company said, “Our strong financial performance underscores the resilience of our business model and our ability to create sustainable value for shareholders.”
The directors also suggested that 29,431,179,224 ordinary shares of 50 kobo each receive an interim dividend of N1.00 per share.
Analysts at the NGX responded to GTCO’s earnings by calling the performance “a testament to the bank’s strategic positioning and operational efficiency.”
According to the NGX’s Friday market briefing, “GTCO’s results reflect strong risk management, asset quality, and a disciplined approach to balance sheet growth.”
The announcement has been well received by investors, as seen by the rise in activity for GTCO’s stock on the exchange.
According to reports, GTCO’s share price increased by N4.55, or 7.0 per cent, at the end of Friday’s trading session, closing at N68.80, up from N64.25 at the beginning of the day.
A prominent supplier of financial services in Nigeria and throughout Africa, GTCO has kept growing its business and digital banking infrastructure to set itself up for long-term success in the face of shifting economic conditions.
