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Tuesday, September 26, 2023

GTCO Profit Slides 9% in Q3 on Lower Interest Income

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Guaranty Trust Holding Company (GTCO), Nigeria’s largest bank by market capitalization has seen a 9 percent slide in third quarter (Q3) Profit on the back of materially lower interest income for the period.

GTCO reported profit of N129.4 billion in the Q3, 2021 period, compared to N142.2 billion in the earlier 2020 period.

Net interest income fell by 14.1 percent to N162.9 billion in the period as fair value gains from investment securities fell for the period.

GTCO shares closed trading at N28.50 per share on Tuesday for a market capitalization of N841.73 billion.

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