Guaranty Trust Holding Company (GTCO) Q3 2024 earnings summary

Executive summary

• Profit before tax reached N1.219 trillion for Q3 2024, up 181.5% year-over-year.

• Profit after tax rose 195.3% to N1.085 trillion compared to Q3 2023.

• Earnings per share increased to 3,841 kobo from 1,298 kobo year-over-year.

Financial highlights

• Interest income surged 161.7% to N980.3 billion, driven by growth in banking assets and improved yields.

• Non-funded income grew 71.9% to N817.9 billion, with strong gains in fees, commissions, and trading.

• Total assets rose 61.1% to N15.616 trillion; net loans and advances up 21.8% to N3.021 trillion.

• Deposit liabilities increased 49.0% to N11.248 trillion.

Outlook and guidance

• Continued focus on efficiency and cost management, as reflected in improved cost-to-income ratio.