GTCO Holdings records impressive N105.8 billion pre-tax profits in Q3 2023

GTCO Holdings recorded an impressive N105.8 billion pre-tax profits in Q3 2023.

 

Newsonline Nigeria reports that GTCO Holdings Plc, the parent group of GT Bank recorded a pre-tax profit of N105.8 billion in Q3 2023, a 59.17% year-on-year increase from the N66.47 billion recorded in Q3 2022.

 

According to the group’s financial statements for Q3 2023, the company’s profit after tax (PAT) was N86.93 billion, a 64.68% increase from the N52.79 billion recorded in the corresponding period in 2022.

This financial performance in Q3 2022 took the group’s pre-tax profit in the first nine months of 2023 to N433.20 billion, a whopping increase of 155.24% from the N169.72 billion recorded in the first nine months of 2022.

 

As of the end of Q3 2023, the group’s loans and advances to customers stood at N2.219 trillion, a 17.7% increase from the start of the year.

 

Key Highlights Q3 2023 vs Q3 2022

• Interest Income; N148.61 billion, +74.24% YoY
• Interest Expense; N28.53 billion, +73.42% YoY
• Net Interest Income; N120.08 billion, +74.43% YoY
• Net interest income after loan impairment charges; N113.58 billion, +65.42%
• Net fee and commission income; N30.93 billion, +36.23%
• Profit before income tax; N105.81 billion, +59.17%
• Profit for the period; N86.93 billion, +64.68% YoY
• Total comprehensive income for the period; N80.76 billion; +119.12%

Insights

In every index, the group recorded a remarkable appreciation year-on-year, with one of the factors being foreign exchange gains.

For example, the group recorded a 47.1% year-on-year increase in its foreign currency translation differences.

The group also recorded a massive appreciation in its interest income, a pointer to an improvement in the bank’s loan portfolio year-on-year.