Guaranty Trust Holding Company Plc has reported a profit before tax of N1.27 trillion for the 2024 financial year, representing a 107.8 per cent increase from N609.31 billion posted in 2023.
The Group, in its audited financial statement released on the Nigerian Exchange Limited on Friday, also disclosed a profit after tax of N1.02 trillion, up 88.6 per cent from N539.66 billion in 2023.
The stellar performance places GTCO among Nigeria’s most profitable financial institutions in 2024, second only to Zenith Bank Plc, which earlier reported a PBT of N1.33 trillion for the same period.
Following the impressive earnings growth, GTCO’s Board of Directors has proposed a final dividend of N7.03 per share, bringing the total dividend for the financial year ended December 31, 2024, to N8.03 per share, a significant increase from N3.20 per share declared in 2023.
“Our strong financial performance underscores the resilience of our business model and our ability to create sustainable value for shareholders,” the company stated in a filing to the NGX.
Additionally, the directors proposed the payment of an interim dividend of N1.00 per share on its 29,431,179,224 ordinary shares of 50 kobo each.
Reacting to GTCO’s earnings, analysts at the NGX described the performance as “a testament to the bank’s strategic positioning and operational efficiency.”
“GTCO’s results reflect strong risk management, asset quality, and a disciplined approach to balance sheet growth,” the NGX noted in its Friday market briefing.
Investors have responded positively to the announcement, with GTCO’s stock witnessing increased activity on the exchange.
At the close of trading on Friday, GTCO’s share price rose by N4.55, or 7.0 per cent, to close at N68.80, up from N64.25 at the start of the trading day.
GTCO, a leading financial services provider in Nigeria and across Africa, has continued to expand its operations and digital banking infrastructure, positioning itself for long-term growth amid evolving economic challenges.