By Ayomide Otitoju
Guaranty Trust Holding Company Plc (GTCO) has reported a profit before tax (PBT) of N1.27 trillion for the 2024 financial year, marking a 107.8% increase from the N609.31 billion recorded in 2023.
The figures, disclosed in GTCO’s audited financial statement released on the Nigerian Exchange Limited (NGX) on Friday, also revealed a profit after tax (PAT) of N1.02 trillion, reflecting an 88.6% rise from the N539.66 billion posted in the previous year.
GTCO’s strong performance places it among Nigeria’s most profitable financial institutions in 2024, second only to Zenith Bank Plc, which earlier announced a PBT of N1.33 trillion for the same period.
Dividend Payout and Market Reaction
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 2024 financial year to N8.03 per share—a substantial increase from the 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,” GTCO stated in a filing to the NGX.
Additionally, the bank proposed the payment of an interim dividend of N1.00 per share on its 29.43 billion ordinary shares of 50 kobo each.
Analysts at the NGX hailed GTCO’s earnings report 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 responded positively to the announcement, with GTCO’s stock surging by N4.55 (7.0%) to close at N68.80 on Friday, up from N64.25 at the start of the trading day.
Sustained Growth and Digital Expansion
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.
