Guaranty Trust Holding Company (GTCO) has achieved a record net profit of N905.6 billion for the first half of 2024, surpassing all Nigerian-listed companies. With a net profit margin of 65%, up from 41.7% last year, GTCO has proven its ability to capitalize on the current economic conditions.
Generating over N1.4 trillion in gross earnings, GTCO’s diverse income sources, including unrealized gains on financial instruments, contributed significantly to its success. The recent devaluation of the naira by 34.3% in January 2024 also led to substantial foreign currency translation gains for the company.
Despite facing a proposed windfall tax by the Nigerian government, GTCO remains strong, with its net interest income soaring by 177% to N491.5 billion. The company’s profit before tax reached N1 trillion, showcasing its resilience in the face of economic challenges.
Overall, GTCO’s performance reflects its strategic financial management and adaptation to market dynamics. With a solid foundation and robust earnings, GTCO continues to lead the way in the Nigerian financial sector.