Guarantee Trust Holding Company Plc Reports Record Profit Before Tax of N1.27 Trillion for Fiscal Year 2024
Guarantee Trust Holding Company Plc, commonly known as GTCO, has declared a profit before tax of N1.27 trillion for the fiscal year 2024. This figure represents a remarkable 103.8% increase over the N609.31 billion reported in 2023, showcasing the company’s strong financial performance.
The group also announced an after-tax profit of N1.02 trillion in its recently released audited financial statement. This figure marks an 88.6% increase from the N539.66 billion recorded in the previous year, highlighting GTCO’s consistent growth and profitability.
GTCO now ranks as the second most profitable financial institution in Nigeria for 2024, trailing only behind Zenith Bank Plc, which reported a profit before tax of N1.33 trillion for the same period.
The Board of Directors of GTCO has recommended a final dividend of N7.03 per share in response to the company’s stellar earnings growth. This proposed dividend would bring the total payout for the fiscal year ending on December 31, 2024, to N8.03 per share, a substantial increase from the N3.20 per share distributed in 2023.
Credit: GTCO Plc
Commenting on the financial results, the company stated, “Our strong financial performance underscores the resilience of our business model and our ability to create sustainable value for shareholders.”
The directors also proposed an interim dividend of N1.00 per share for the 29,431,179,224 ordinary shares of 50 kobo each.
Market analysts at the Nigerian Exchange Limited praised GTCO’s performance as a testament to the bank’s strategic positioning and operational efficiency. They noted that the results reflect strong risk management, asset quality, and a disciplined approach to balance sheet growth.
Investors have positively responded to the announcement, with GTCO’s stock witnessing increased activity on the exchange. The company’s share price rose by N4.55, or 7.0%, at the close of Friday’s trading session, reaching N68.80 compared to N64.25 at the start of the day.
As a leading provider of financial services in Nigeria and across Africa, GTCO continues to expand its business and digital banking infrastructure to ensure long-term success amidst evolving economic conditions.
