GTCO Plc has released its third-quarter results, revealing an incredible pre-tax profit of N215.69 billion. This figure represents a significant increase over the N105.8 billion reported in the same quarter of 2023, cementing GTCO’s position as a leader in Nigeria’s financial services sector.
The impressive third-quarter profits have propelled the financial holding company’s pre-tax profits for the first nine months of 2024 to an unprecedented N1.2 trillion. This achievement not only surpasses the N1 trillion milestone reached in the first half of the year but also sets a new record for the highest pre-tax profits in the financial services sector. Remarkably, GTCO has crossed another historic threshold by achieving N1 trillion in profit after tax for the first time, making it the first bank in Nigeria to reach this landmark.
Key Financial Highlights:
Net Interest Income: N362.4 billion, a staggering 143.9% increase year-on-year (YoY)
Loan Impairments: N16.16 billion, up 148.5% YoY
Net Fees and Commission: N57.4 billion, reflecting an 85.8% YoY increase
Total Deposits: N11.2 trillion, a remarkable 77% YoY growth
Total Assets: N15.6 trillion, marking an 81.3% YoY increase
Net Assets: N2.62 trillion, up 106.8% YoY
While the quarter’s pre-tax profits more than doubled year-on-year, they fell below the impressive figures of N509.3 billion and N494.4 billion recorded in the first and second quarters of 2024, respectively. A closer look at the financials reveals that the decline was largely attributed to a significant drop in other operating income, which shifted from a profit of N305.3 billion in Q2 to a loss of N52.8 billion in Q3. Despite this setback, GTCO’s net interest income rose to N781.48 billion, showcasing a 162.6% YoY increase. This growth is a testament to the bank’s effective asset allocation strategy, capitalizing on higher interest rates and interest-earning assets.
Furthermore, GTCO’s net fee and commission income nearly doubled to N158.55 billion, emphasizing the bank’s commitment to diversifying its revenue streams. This strong growth in fee income highlights GTCO’s engagement with its customers and adaptability in an industry where traditional lending margins can be tight.
As GTCO continues to break records and pave the way for future growth, stakeholders and investors alike will be keenly watching how the bank navigates the evolving financial landscape in Nigeria. With its robust performance and innovative strategies, GTCO is undoubtedly a force to be reckoned with in the financial services sector
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