The third quarter of 2022 saw an increase in interest income of 23.7%, from N68.945 billion recorded in the third quarter of 2021 to N85.292 billion reported on Tuesday by Guaranty Trust Holding Company Plc (GTCO).
This information was provided in the bank’s unaudited financial statement, which Investors King received.
In the reviewed period, interest expense increased to N16.452 billion, up 25.9% from N13.057 billion reported in the corresponding period of 2021.
Net interest income for the firm increased from N55.887 billion in Q3 2021 to N68.659 billion in Q3 2022, a growth of 23.2%. Additionally, net fee and commission income increased slightly to N18.541 billion, a 23.8% rise over the N14.9 billion realized in the same period of 2021.
Net gains on financial instruments designated as held for trading fell from N15.303 billion in the third quarter of 2021 to N13.025 billion, a 14.9% decrease.
Profit before income tax increased from N58.852 billion in the same time of 2021 to N66.475 billion, a 12.9% increase.
GTCO reported an after-tax profit of N52.791 billion while paying income tax in the period under review of N13.684 billion. 5.6% more money than was made in the third quarter of 2021, or N49.986 billion.
When commenting on the bank’s first-half performance in September, Segun Agbaje, the Group Chief Executive Officer (CEO), said, “We opened new doors of business to Payments Services with the launch of “HabariPay” and led with its flagship product, SquadPOS – a payment solution that allows businesses to accept card payments using mobile devices.
This is a game-changer for small businesses, many of which have long been limited or left out of the digital payments ecosystem due to the payment industry’s dependence on physical POS terminals. It demonstrates how we are taking forward our mission to removing barriers to financial inclusion and making financial services accessible to everyone and every business. We continued to bolster the capabilities of our banking franchise across all the countries we operate, with a focus on creating value for our customers and continuously improving service across all customer touchpoints. Taken together with all our new businesses, I am pleased to report that we are making steady progress on the goals we set at the beginning of the year.