Guaranty Trust Holding Company Plc (GTCO) has announced a remarkable financial performance for the 2024 fiscal year, showcasing substantial growth in its profitability
The company’s profit before tax (PBT) surged to N1.27 trillion, marking a significant 107.8 percent increase compared to the N609.31 billion reported in the preceding year, 2023.
Furthermore, GTCO’s profit after tax (PAT) also experienced a substantial uplift, reaching N1.02 trillion. This figure represents an 88.6 percent rise from the N539.66 billion recorded in 2023.
These impressive financial results solidify GTCO’s position as one of Nigeria’s most profitable financial institutions for the year, trailing only Zenith Bank Plc in PBT.
In light of this outstanding financial performance, GTCO’s Board of Directors has proposed a final dividend of N7.03 per share. This proposed dividend, combined with the previously declared interim dividend of N1.00 per share, brings the total dividend for the 2024 financial year to N8.03 per share, a notable increase from the N3.20 per share distributed in 2023.
Guaranty Trust Holding Companyconveyed in its filing to the Nigerian Exchange Limited (NGX) that “Our strong financial performance underscores the resilience of our business model and our ability to create sustainable value for shareholders.” The company also detailed the interim dividend proposal, stating the payment of N1.00 per share on its 29,431,179,224 ordinary shares of 50 kobo each.
Analysts at the NGX have positively appraised GTCO’s earnings, characterizing the performance as “a testament to the bank’s strategic positioning and operational efficiency.” They further highlighted that “GTCO’s results reflect strong risk management, asset quality, and a disciplined approach to balance sheet growth” in their market briefing.
The announcement of these robust financial results has elicited a positive response from investors, leading to increased trading activity in GTCO’s stock on the NGX. Specifically, at the close of trading on Friday, GTCO’s share price witnessed an increase of N4.55, or 7.0 percent, closing at N68.80, up from N64.25 at the beginning of the trading day.
GTCO, recognized as a leading financial services provider in Nigeria and across Africa, has consistently focused on expanding its operations and enhancing its digital banking infrastructure. This strategic emphasis aims to position the company for sustainable long-term growth, particularly amidst the evolving and challenging economic landscape.
