Pre-tax profits increased by 217.09% year over year at GTCO in the first half of 2023, hitting N327.398 billion.
The huge increase in gross earnings is responsible for the pre-tax profit growth that was so noticeable.
Increased net interest income and substantial gains on unrealized foreign exchange revaluation are the causes of this growth.
Interest income was driven by rising interest rates brought on by an increase in MPR and a 22.78% increase in loans and advances to consumers.
The Monetary Policy Rate increased from 13% in June 2022 to 18.5% in June 2023, an increase of 5.5 basis points.
In addition, other revenue increased as a result of an increase in unrealized profits from foreign exchange revaluation of 19,033.34% YoY.
Key highlights H1 2023 vs 2022:
Gross earning; N672.603 billion +181.08% YoY
Interest Income; N225.946 billion +53.50% YoY
Interest Expense; N48.487 billion +84% YoY
Net interest income; N177.459 billion +46.84% YoY
Loan impairment charges; N82.962 billion +2,257.52% YoY
Net interest income after loan impairment charges; N94.497 -19.46% YoY
Net income on fees and commission N51.548 billion +8.83% YoY
Net trading gains on financial Assets; N16.018 billion -32.12%
Other income; N372.224 billion +2,482.47% YoY
Net impairment charge on other Financial Assets N81.313
Profit for the period N280.482 billion +261.65% YoY
Earnings per share 994 kobo +268.15% YoY
Loans and advances to customers N2.315 trillion +22.78%.
Cash and Bank balances N2.295 trillion +41.59%
Total Assets N8.51 trillion +32.01%.
Customers’ deposits N6.239 trillion +39.10%.
