GTCO, Fidelity, Stanbic post bumper profits in H1

Segun Agbaje CEO GTCO

Segun Agbaje CEO GTCO

Guaranty Trust Holding Company Plc, Fidelity Bank and Stanbic-IBTC have reported increased earnings and profits in the first half of the year, according to the audited accounts sent to the Nigerian Exchange.

GTCO reported net profit of ₦280.4billion, a quantum increase over the ₦ 77.5 billion recorded in the corresponding period last year.

Earnings per share increased from N2.70 to N9.94.

The company has approved an interim dividend of 50 Kobo to its shareholders, payable to ordinary shareholders by 14 September and holders of GTCO Global Depository Receipts(GDR) on 5 September.

Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said about the result:

“Our half-year audited results reflect the strong business fundamentals underpinning the GTCO franchise, the quality of our past decisions in future-proofing our balance sheet for challenging times and the sound practices that guide our day-to-day operations.

“Despite the challenges in the business environment, notably inflationary pressures, and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure.

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“Improved profitability and solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development and our people”.

Like GTCO, Stanbic IBTC also grew its revenue by 58.18 percent to hit N213.334 billion. Pre-tax profits rose by 107.58%, reaching N82.985 billion in June.

Profit for the half year hit N67.919 billion, an increase of 121.46% . Earnings per share also rose to 512 kobo, also an incraese of 126.55%

Fidelity Bank also reported a sharp rise in income in the first half, increasing from N154.8 billion to N247 billion.

Net profit rose almost 300 per cent, from N23.3 billion to N61.995 billion.

Shareholders will be most elated bout the result, as earning per share jumped from 80.4 kobo to 193.7 kobo.

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