reports
Guaranty Trust Holding Company Plc H1:2024 Earnings Note | Riding on I...
In its recently released audited H1:2024 results, GTCO’s Gross Earnings jumped by 107.04% YoY to NGN1.39trn mainly due to the spike in interest income (+173.47% YoY to NGN617.89bn) and non-interest income (+111.94% YoY to NGN774.30bn), an offshoot of the unrealized fair value gain on financial instruments on its FCY balance sheet. Elsewhere, Operating Expenses increased by 60.70% YoY to NGN201.80bn, following higher personnel expenses and technology-related expenses in the period. Profit Befor...
Q1:2024 Earnings Update | GTCo | Performance Bolstered by Fair Value G...
Performance Bolstered by Fair Value Gain Gross Earnings for Q1:2024 advanced 330.37% YoY to NGN680.38bn, primarily bolstered by impressive non-interest income. Elsewhere, Operating Expenses increased by 77.15% YoY to NGN99.45bn following a spike in personnel expenses, communications, technological related & admin expenses and AMCON charges. Profit Before Tax (PBT) and Profit After Tax (PAT) grew by 587.48% YoY and 685.90% YoY to NGN509.35bn and NGN457.13bn respectively. Overall, Net Profit Marg...
2023FY Banking Stock Note | ZENITH | UBA | GTCo | ACCESSCORP
Zenith Bank released the audited Full-year results for 2023, revealing a robust topline performance. Gross Earnings, which exceeded our 2023FY estimates, grew by 125.45% YoY to NGN2.13trn on the wheels of increased interest and non-interest income. For context, Interest Income climbed 111.91% YoY to NGN1.15trn while Non-Interest Income grew significantly by 143.49% YoY to NGN987.08bn. United Bank for Africa Plc. audited Full-year results for 2023 showed an impressive topline and bottom-line per...
H1:2023 GTCO Earnings Result | Remarkable Performance Riding on FX Rev...
In its recently released H1:2023 results, GTCO’s Gross Earnings jumped by 181.08% YoY1 to NGN672.60bn mainly due to the spike in non-interest income (+385.03% YoY to NGN446.66bn), an offshoot of the massive FX revaluation gains recorded in the period. Elsewhere, Operating Expenses increased by 26.26% YoY to NGN125.58bn. Profit Before Tax (PBT) and Profit After Tax (PAT) grew massively by 217.09% YoY and 261.65% YoY each to NGN327.40bn and NGN280.48bn respectively. Overall, Net Profit Margin impr...
GTCO Q1:2023 Earnings Result | Performance Bolstered by Robust Interes...
The recently released Q1:2023 results for the Group reflected Gross Earnings advanced 32.19% YoY to NGN158.09bn due to growth in interest and non-interest income. This slightly exceeds our estimates and represents 28% of our forecasted full-year earnings of NGN569.57bn. Elsewhere, Operating Expenses grew 16.75% YoY to NGN56.37bn following a spike in AMCON charges and administrative expenses. Profit Before Tax (PBT) and Profit After Tax (PAT) grew by 36.48% YoY and 34.62% YoY to NGN74.09bn and NG...
GTCo PLC 2022FY Earnings Result | Inevitable Slowdown in Bottom-Line A...
GTCo released the audited Full-year results for 2022FY, revealing a strong topline performance. Gross Earnings, which exceeded our 2022FY estimates, grew by 20.42% YoY to NGN539.23bn on the wheels of increased interest and non-interest income. Interest Income climbed 21.92% YoY to NGN325.40bn while Non-Interest Income grew by 18.20% YoY to NGN213.84bn. On the other hand, Operating Expenses rose by 21.96% YoY to NGN197.90bn following a spike in communications, technological related expense, and a...
GTCo Plc 9M 2022 Financial Results-Sailing Through the Gale
Guaranty Trust Holding Company Plc (GTCO) recently released its 9M 2022 financial results. Whilst Gross Earnings YoY growth came in at 14.38% to NGN364.31bn, the bank could only muster a 0.73% YoY increase in Profit After Tax (PAT) to NGN130.35bn in the period. The increase recorded in Gross Earnings was spurred by the increases in Interest Income (+19.20% YoY) and Non-Interest Income (+6.76% YoY). There were however increases in expense lines. Interest Expense (+33.37% YoY to NGN42.80bn), Fee ...
- Joshua Odebisi
- Vetiva Research
GTCO PLC H1'22 Earnings Release - Earnings up 15% y/y amid Interest In...
GTCO recently released its H1’22 results, reporting a 15% y/y growth in Gross Earnings to ₦239 billion. The earnings improvement came as the result of a 17% y/y rise in Interest Income to ₦147 billion. This was driven by the combination of a 13% y/y increase in interest from loans and a 37% y/y increase in income from T-bills and investment securities. Meanwhile, Non-Interest Revenue (NIR) grew 7% y/y to ₦85 billion, thanks to a 21% increase in fees and commissions, specifically corporate finan...
- Janet Ogunkoya
Nigeria's shelved eurobond raises chances of higher local yields
Nigeria’s government is scrapping plans for a eurobond issuance in June (announced in April) due to unfavourable market pricing and missed approval deadlines. The US$950mn issuance from Nigeria would have been the last international bond from its 2021 budget, after the authorities issued US$1.25bn in March this year. The announcement comes only a few weeks after the Ivorian government cancelled its US$1bn international bond plan for similar reasons, and instead opted to sell bonds in the regi...
- Busola Jeje
Guaranty Trust Holding: FY 21 results show the negative effect of spec...
Nigeria's newly formed financial holding company, GTCO, reported a 14% yoy drop in FY 21 after-tax profits, slightly better than our forecast of a 17% decline. As expected, lower net interest income was a major reason for the profit decline, as GTCO has a large proportion of low-yielding special bills sitting in its investment securities book. Although GTCO, alongside other Nigerian banks, is pursuing strategies to diversify away from interest income sources (evident by the 68% jump in GTCO's...
- Joshua Odebisi
- Vetiva Research
GUARANTY TRUST HOLDING COMPANY PLC FY'21 Earnings Release - Holdco mai...
In its audited FY’21 released last Friday, GTCO reported a 2% y/y decline in Gross earnings to ₦447 billion (Vetiva: ₦423 billion). The drop was caused by an 11% fall in Interest Income to ₦267 billion, as the bank’s earnings from investment securities moderated 39% y/y. On the other hand, Interest Expense came in 2% lower y/y at ₦46 billion, thanks to a 52% drop in interest paid on borrowed funds which was caused by the repricing of some government facilities due to forbearance granted by the C...
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