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

The equity market closed in positive territory for the second time this week as stocks rose by 0.04%. Investors traded N15.07bn worth of shares.

NGX Closes With N220bn Gain As Traders Exchange N29bn Shares

The Nigerian Exchange (NGX) recovered from the loss recorded on Wednesday, March 4, with a N220.74 billion gain on Thursday, March 5, as the bourse’s market capitalisation grew to N126.31 trillion. According to the NGX, also known as the stock market, the
Rising Cost Of Drugs Takes Toll On Nigerian Patients As FX Scarcity Hits Hard

Mecure, Fidson… Five Largest Pharmaceutical Companies In Nigeria

The market valuation of the six pharmaceutical companies listed on the Nigerian Exchange (NGX), also known as the stock market, increased by N548.35 billion between January 2, 2025, and February 20, 2026, according to analysis by Prime Business Africa. Fidson Healthcare, Mecure

Nigeria Cooking Gas Price Jumps 40% Amid Us, Iran Crisis

Cooking gas prices in Nigeria have jumped about 40 percent amid the ongoing fighting involving the United States, Israel and Iran. Liquefied Petroleum Gas (LPG) now sells for about 1,400 naira per kilogramme at retail outlets in parts of Lagos, up from
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

Demolished Odumeje’s Church, Illegal Structure, Sitting On Waterway – Anambra Govt

Anambra State government has explained that the building was on
Insecurity: Nigerians Paid N1.04bn As Ransom To Kidnappers In One Year- Report

Insecurity: Nigerians Paid N1.04bn As Ransom To Kidnappers In One Year- Report

Rising Insecurity Fuels Kidnapping Crisis A recent report by SBM