April 9, 2024.
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Azonuchechi Chukwu.
Guaranty Trust Holding has reported a gross earnings of N1.187 trillion, representing 120.03% increase from the N539.235 billion reported the year prior.
A cursory review of the financial statements delineates the sources of the gross earnings. Interest income stands out as a substantial contributor, comprising 46.42% of the gross earnings.
The Group also reported a profit before tax of N609.308 billion for the year ended 31 December 2023 and proposed a final dividend of N2.70.
Additionally, foreign exchange (FX) revaluation gains of N449.347 billion played a pivotal role, contributing 37.24% to the gross earnings.
This represents a notable shift from the preceding year, where interest income accounted for 60.34% and FX revaluation gains contributed a modest 10.74%.
Gross earnings: N1.187 trillion +120.03% YoY
Interest Income: N550.755 billion +69.25% YoY
Interest Expense: N114.059 billion +72.56% YoY
Net interest income: N436.697 billion +68.41% YoY
Loan impairment charges: N102.953 billion +758.91% YoY
Net interest income after loan impairment charges: N333.743 billion +34.95% YoY
Net fees and commission income: N109.428 billion +18.95% YoY.
FX revaluation gain: N441.791 billion +662.54% YoY
Other operating expenses: N122.429 billion +31.56% YoY
Profit for the period N539.655 billion +218.99% YoY.
Earnings per share: N19.05 +220.17% YoY
Loans and advances to customers: N2.480 trillion +31.52% YoY.
Cash and bank balances: N2.310 trillion +42.47% YoY
Total Assets N9.691 trillion +50.33% YoY.
Customers’ deposits N7.411 trillion +65.23% YoY.
Share capital & share premium: N138.187 billion
Retained earnings: N580.024 billion +169.96% YoY.
Additionally, the bank has recommended a final dividend of N2.70 per share, resulting in a total dividend payout for the year of N3.20 per share.
This figure includes an interim dividend of N0.50 per share, which was previously declared and paid.
This dividend announcement signifies a 3.23% increase in payout compared to the dividends distributed in the previous year. (www.naija247news.com).
