Guaranty Trust Holding Co (GTCO) Plc has released its first Full-Year (FY) financial result as a group, which revealed a profit of N175 billion in 2021, reflecting a 13.21% decrease year on year.
A breakdown of the annual result submitted to the Nigeria Exchange Limited revealed that in FY 2021, interest income fell by 12.77% from N288.3bn to N251.5bn in the current period.
GTCO also reported earnings per share of N6.14, a 13.64% decline from the N7.11 reported a year earlier.
Net Interest income, which it earns from its lending business declined 13% to N220.61 billion while net interest after impairments still suffered a 9% decline at just N212.08 billion.
However, income from commission and fees rose 40% to N65.65bn year on year.
GTCO also raked in N22.39bn in net trading income representing a 8.56% decrease year on year.
In addition, the group also grew its deposits from customers by a whopping 14.30% to N4.01 trillion while its total assets are now N5.44 trillion. Net assets rose 8.45% to N883 billion.
The directors of the group have recommended a final dividend per share of N2.70 per share. The company had earlier paid an interim dividend of N0.30 kobo in May 2021, hence bringing the total dividend for the financial year to N3.00kobo, same as what was paid in 2020 but a 7% increase from the total dividend paid in 2019.
Speaking on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company, Mr Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our stakeholders in spite of the challenges in the business environment and shifting economic conditions.
“As a group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”
“2021 presented a crucial opportunity as we took strategic steps to reorganise our business and advance our position as a leading financial services company. With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments.”
Source: https://dailytrust.com/gtco-reports-n175bn-profit-in-2021