Prime Business Africa
Guaranty Trust Holding Company (GTCO) reported N397.38 billion interest income in the first quarter (Q1) of 2025, up 41.09 per cent from N281.65 billion recorded in Q1 last year.
However, interest expense grew by 45.40 per cent year-on-year, according to the company’s consolidated and separate income statements for the period ended March 31, 2025.
Join our WhatsApp ChannelThe interest expense rose to N79.02 billion in the first quarter of 2025, against the N54.35 billion recorded in the corresponding period last year.
Also, net interest income increased by 40.06 per cent to N318.36 billion in Q1 this year, up from N227.3 billion in the same period in 2024.
The lender’s net fee and commission income also rose in the first quarter of 2025 to N71.29 billion, compared to the N52.25 billion reported in Q1 last year – indicating an increase of 36.45 per cent.
However, GTCO’s profit before tax (PBT) decreased by 41.02 per cent according to the company’s earnings report, as it recorded N300.37 billion between January and March 2025, falling below the N509.34 billion posted in the same period last year.
Furthermore, GTCO filed income tax of N42.34 billion during the period under review, compared to the N52.33 billion income tax paid in the first quarter of 2024.
At the end of the review period, the financial institution’s profit after tax fell by 43.54 per cent year-on-year, from N457.01 billion to N258.02 billion.
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