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Guaranty Trust Holdings Profit, Income Drop In Income, Profit

Ebuka Daniel

Guaranty Trust Holding Company Plc has lost billions after profit and interest income declined in September 2021 when compared to the figures recorded in the first nine months of 2020.

The tier-one lender reported 19 per cent slide in interest income to N178bn from N219.5bn which it generated in September 2020.

GTCO’s profit after tax for the nine months period fell by 9 per cent to N129bn, from the N142.2bn it posted in the first nine months of 2020.

The lender also repoted in its financial statement for the third quarter that its liability rose by N171bn to settle at N4.3trn.

But total assets grew to N5.1trn in September from N4.94trn posted earlier. The bank maintains its position as the bank with fifth largest asset.

Guaranty Trust Bank (GTB) restructured in July to GTCO as it aims to strengthen its long-term competitiveness and growth prospects.

Segun Agbaje, the Group Chief Executive Officer of GTCO said becoming a HoldCo is an incredible journey to driving GTCO’s growth and expansion.

The CEO said, “We believe that a Holding Company Structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base.”

The company’s shares currently trades at N28.5 which declined 0.35 per cent from N28.6 per share previously traded.

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