GTCO pre-tax profits hit N1.2 trillion in first 9 months of 2024

GTCO pre-tax profits hit N1.2 trillion in first 9 months of 2024

GTCO Plc released its third-quarter results, showing that pre-tax profits rose to N215.69 billion, compared to N105.8 billion recorded in the corresponding quarter of 2023.

These third-quarter profits helped boost the financial holding company’s nine-month pre-tax profits to N1.2 trillion — the highest on record in the financial services sector, following the N1 trillion milestone achieved in the first half of the year.

The nine-month performance also enabled the bank to reach N1 trillion in profit after tax for the first time, making it the first bank to achieve this milestone.

The bank reported total assets of N15.6 trillion for the first time in its history, while net assets also rose to N2.62 trillion — another all-time high for the company.

A cursory review of the results reveals that GTCO reported a pre-tax profit of N215.6 billion in the quarter under review.

While this figure more than doubled the profit reported a year earlier, it fell below the N509.3 billion and N494.4 billion recorded in the first and second quarters of the year, respectively.

A deeper analysis of the company’s financial statement shows that the drop in pre-tax profits was due to a decline in its other operating income, which swung to a N52.8 billion loss from a N305.3 billion profit in the second quarter.