GTCO Quarter 3 Pretax Profit Rises By 11%, Hits N169 billion
The Oasis Reporters
October 28, 2022
After a huge growth indication in the half year 2022 pretax profit by 11% to N103 billion, GTCO stuns financial watchers with its unaudited financial results which showed significant improvements across key performance indicators in its quarter 3 pretax profit which equally rose by 11.73% to N169.724 billion year-on-year, showing a heightened turnover going by the figures presented.
The positive performance came on the back of an inflationary year where businesses and their consumers have had to deal with the rising cost of goods and services. Nigeria’s inflation rate hit a new 17-year high of 20.77% in September 2022.
More details of the financial report
analysis of the results indicate that the group’s profit after tax stood at N130.348 billion, a 0.73% marginal increase from N129.400 billion posted in Q3 2021.
Interest income calculated using the effective interest rate rose by 14.42% to N204.014 billion from N178.303 billion in the comparable period of last year, as investment securities in treasury bills, bonds and others rose.
During the period under review, the bank increased net interest income by 16.41% to N189.688 billion, against N162.942 billion in the same period of 2021.
However, interest expenses rose by 33.37% to N42.803 billion compared to N32.093 billion in Q3 2021.
Fees and commission income grew to N66.941 billion in the third quarter of 2022 from N56.602 billion in 2021, on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.
Loan impairment charges dropped by 38.28% to N3.699 billion in 2022 from N5.994 billion in 2021
Net fee and commission income grew by 12.49% to N58.306 billion in 2022 from N51.831in 2021.
Other operating expenses rose by 19.12% to N81.818 billion from N68.684 billion in 2021.
Income tax expense grew by 74.94% to N39.375 billion from N22.507 billion the previous year.
