Suggestions




·

N51bn Windfall Tax Impacts GTCO’s Net Income Growth

April 15, 2025
by

Guaranty Trust Holding Company (GTCO) reported N2.14 trillion gross earnings in 2024, an 81.07 per cent increase from the N1.18 trillion generated in 2023.

According to an analysis of the financial institution’s consolidated and separate income statements for the year ending December 31, 2024, GTCO’s interest income, generated from loans and other financial assets, also grew by 143.62 per cent from N550.75 billion to N1.34 trillion.

Join our WhatsApp Channel

The surge was, however, overshadowed by the 148.30 per cent in interest expense, as GTCO paid N283.21 billion to retain depositors and remain competitive in the banking industry, up from the N114.05 billion paid on deposits the previous year.

But this did not stop the net interest income from jumping 142.40 percent to reach N1.05 trillion last year, a significant increase from the N436.69 billion registered in 2023.

GTCO extended the triple-digit growth to its profit before tax (PBT), which stood at N1.26 trillion at the end of 2024, up from the N609.30 billion reported in the previous year – indicating a 107.81 percent increase.

READ ALSO: 

However, with the implementation of the windfall tax, the company saw its tax burden increase significantly by 256.68 per cent last year compared to the 54.85 percent growth in income tax reported in 2023.

GTCO’s income tax rose from N69.65 billion to N248.44 billion within the reviewed period, with windfall tax accounting for N51.24 billion, which would have gone into the company’s net income had the federal government allowed banks to keep all their foreign exchange (FX) gains.

As a result, net income growth slowed to 88.60 percent in 2024, compared to the 218.99 percent growth recorded during the previous year.

GTCO closed the year with N1.01 trillion profit after tax (PAT) against the N539.65 billion net income registered in 2023.

For press releases, tip-off, and corporate information, call 08149575257 (hotline) 

Email: publisher@primebusiness.africa and editor@primebusiness.africa

Website |  + posts

Prime Business Africa

Related Posts

Previous Story

Gov Alia’s Aide Accuses Obi Of Playing ‘Political Charity’ In Benue

Next Story

Most Valuable Cement Companies In Nigeria

Featured Stories

Related Posts

Latest from Business

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 18th August 2025

Black Market Traders Exchange Dollar At N1,428/$

About N43.54 kobo appreciation was recorded in the price for the United States dollar (USD), which surged to N1,428.53 kobo per $1 in the black market on Tuesday, February 24. The value of the American greenback had increased from the N1,384.99 kobo

Cape Town Airport  Fire Disrupts International Flights

A fire at Cape Town International Airport on Tuesday caused major disruption to flight operations, forcing the temporary suspension of international departures and the diversion of inbound flights. The blaze, which broke out near the international terminal in the morning, led to
Previous Story

Gov Alia’s Aide Accuses Obi Of Playing ‘Political Charity’ In Benue

Next Story

Most Valuable Cement Companies In Nigeria

Don't Miss

Netflix’s ‘Far From Home’: Hit or Miss?- PBA Movie Review

Netflix’s ‘Far From Home’: Hit or Miss?- PBA Movie Review

 In the past few years, Netflix has made major investments

POPE LEO XIV Raises Alarm Over Persecution Of Christians In Nigeria, Other Countries

Pope Leo XIV has renewed global attention on the plight