GTCO Holdings records N105.8bn pretax profits in 2023 Q3

Bisola David
Bisola David
GTCO hits N433bn profit in Q3 2023

The parent company of GT Bank, GTCO Holdings Plc, reported a pre-tax profit of N105.8 billion in the third quarter of 2023, up 59.17% year over year from the N66.47 billion reported in the third quarter of 2022.

According to The Times, the company’s profit after tax for the third quarter of 2023 was N86.93 billion, up 64.68% from the N52.79 billion reported for the same quarter in 2022, according to the group’s financial filings.

The group’s pre-tax profit in the first nine months of 2023 increased significantly by 155.24% from the N169.72 billion recorded in the first nine months of 2022 thanks to this financial success in Q3 2022, reaching N433.20 billion.

The group’s loans and advances to customers totaled N2.219 trillion at the end of the third quarter of 2023, a growth of 17.7% from the year’s beginning.

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%

The group saw notable year-over-year growth in each index, with gains in foreign exchange being one of the contributing factors.

For instance, the group’s foreign currency translation discrepancies increased by 47.1% year over year.

The group also saw a significant increase in interest revenue, a sign that the bank’s loan portfolio has improved year over year.

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