Guaranty Trust Holding has reported gross earnings of N1.187 trillion in 2023, representing 120.03 per cent increase from the N539.235 billion reported in 2022, bolstered by foreign exchange (FX) revaluation gains of N449.347 billion
A review of the financial statements delineates the sources of the gross earnings. Interest income stands out as a substantial contributor, comprising 46.42 per cent of the gross earnings.
The Group also reported a profit before tax of N609.308 billion for the year ended 31 December 2023 and proposed a final dividend of N2.70.
Additionally, foreign exchange (FX) revaluation gains of N449.347 billion played a pivotal role, contributing 37.24 per cent to the gross earnings.
This represents a notable shift from the preceding year, where interest income accounted for 60.34 per cent and forex revaluation gains contributed a modest 10.74 per cent.
According to the report, gross earnings stood at N1.187 trillion (120.03 per cent) YoY, while interest income was N550.755 billion (69.25 per cent) YoY and interest expenses stood at N114.059 billion (72.56 per cent) YoY.
Also net interest income was N436.697 billion (68.41 per cent) YoY; Loan impairment charges: N102.953 billion (758.91 per cent) YoY; Net interest income after loan impairment charges: N333.743 billion (34.95 per cent) YoY; Net fees and commission income: N109.428 billion (18.95 per cent) YoY.
Other indices include FX revaluation gain: N441.791 billion (662.54 per cent) YoY; other operating expenses: N122.429 billion (31.56 per cent YoY); profit for the period N539.655 billion (218.99 per cent) YoY; Earnings per share: N19.05 (220.17 per cent) YoY; Loans and advances to customers: N2.480 trillion (31.52 per cent)
However, the bank clarified that only 27 per cent of its total maximum exposure stems from loans and advances, down from 31 per cent in 2022, while 27 per cent represents exposure to investment in debt securities, higher than 24 per cent in 2022.
