Event
Guaranty Trust Holding Company (“GT HoldCo” or the Group”) reported a robust financial result for Q2 2024, with gross earnings rising by 38% year-on-year to N712.17bn. This growth was mainly driven by a substantial increase in interest income, which surged by 176% year-on-year to N336.24bn, alongside a 21% year-on-year jump in non-interest income, which printed at N374.70bn. The rise in non-interest income was primarily due to derivative gains and unrealised fair value gains on financial instruments in its foreign currency (FCY) balance sheet.
Outlook
We expect the Group’s interest income and non-interest income to improve for the remainder of the year, driven by the sustained elevated interest rate environment, which should contribute to robust profitability. For FY 2024, we project the Group to report a profit after tax of N1.51trn. However, after adjusting for unrealised FX gains stemming from exchange rate fluctuations, our revised PAT estimate ……
Please follow the link “Guaranty Trust HoldCo Q2 2024 – Riding on Income from Core Operation and Unrealised Gains” to view the whole report.
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