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By Chinwendu Obienyi
Amid a ravaging inflationary spike, Guaranty Trust Holding company (GTCO) Plc, said it recorded profit before tax (PBT) of about N103.25 billion in six months (H1) of 2022, representing a growth of 10.9 per cent year-on-year.
According to the bank’s half year 2022 financial statements released on the Nigerian Exchange Limited (NGX) on Monday, its gross earnings rose by 15 per cent to N239.288 billion from N207.914 billion reported in 2021, driven by a 13 per cent growth in net-interest income.
Analysis of the results indicates that the bank’s Profit after tax (PAT) stood at N77.557 billion from N79.41`4 billion posted in 2021, representing a marginal drop of 2.34 per cent. Interest income calculated using the effective interest method rose by 15.5 per cent to N134.985 billion from N116.864 billion recorded in the half year of 2021.
According to the group, during the period under review, the board of directors proposed the payment of an interim dividend in the sum of 30 kobo per ordinary share on the issued capital of 29,431,179,224 Ordinary Shares of 50 Kobo each payable to shareholders on the register of shareholding at the closure date.
Withholding tax will be deducted at the time of payment. There was no income tax consequence on the Company as a result of the dividend pay-out, as the company is only required to deduct this tax at source on behalf of Tax authorities in Nigeria. The tax so withheld represents an advance payment of income tax by the recipient shareholders.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our results show an increase in key revenue lines and a strong performance in other financial metrics which reinforce our growth prospects as a leading financial services company.
Our priority at the start of the 2022 financial year was to bring the Group’s new businesses on-stream, starting strong with a focus on long-term viability.
