Foreign Exchange Gain Boost GTCO Earnings With N334bn

Guaranty Trust Holding Company (GTCO), one of Nigeria’s leading financial institutions, has consistently accumulated substantial foreign exchange gains, by adding another N334.35 billion to bolster its revenue.

Profit after tax increased to N367.42 billion in 9M 2023 from N130.35 billion in the same period of 2022.

The lender recorded foreign-exchange revaluation gains of N334.35 billion in 9M’ 2023, as against a loss of N7.4 billion in the same period of 2022

Net impairment loss on financial assets rose to N22.2 billion in 9M’2023 from N543,000 in the same period of 2022.

GTCO’s net interest income increased to N297.54 billion from N189.69 billion and net fee and commission income increased to N30.93 billion from N22.71 billion.