GTCO profit increased by 11.7% to N169.7bn in Q3

• GTCO profit increased by 11.7% to N169.7bn in Q3
• UBA Revenue Increased by 23.3% to N608 billion in the Third Quarter of this Year

In comparison to the third quarter that ended on September 30, 2021 (Q3’21), Guaranty Trust Holding Company (GTCO) Plc. had an 11.7% increase in Profit Before Tax, or PBT, to N169.7 billion.

The results, which were filed with the London Stock Exchange (LSE) and Nigerian Exchange Group (NGX), showed that the Group’s net loan book increased by 2.2% to N1.84 trillion in Q3’22 from N1.80 trillion recorded as of December 2021 to N1.84 trillion in September 2022, while deposit liabilities increased by 6.4% to N4.39 trillion in September 2022 from N4.13 trillion in December 2021.

With total assets and shareholders’ funds closing at N5.81 trillion and N872.8 billion, respectively, the Group’s financial sheet increased consistently and well-structured.

Guaranty Trust Holding Company Plc’s (GTCO Plc) Group Chief Executive Officer, Mr. Segun Agbaje, commented on the results: “The Group’s 3rd quarter result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our operating environment.

“We have also kept in focus our vision of supporting small and medium enterprises specifically through our free business platforms to help them stay in business and expand their offerings.”

UBA Revenue Increased by 23.3% to N608 billion in the Third Quarter of this Year

GTCO profit increased by 11.7% to N169.7bn in Q3

United Bank for Africa (UBA) Plc, the largest bank in AFRICA, has reported incredible performance in its independently audited financial results for the third quarter, Q3, which ended September 30, 2022. Its gross revenues increased significantly by 23.3 percent to N608 billion from N493 billion recorded in the comparable period, September 2021, Q3’21.

As of September 2022, the Bank’s operating income increased by 27.3% to N414.1 billion, up from N334.8 billion realized a year earlier.

According to UBA’s financial report submitted to the Nigerian Exchange Limited (NGX), profit before tax increased by 12.3% to close at N138.5 billion, up from N123.4 billion at the end of the third quarter of 2021. Profit after tax also increased significantly, by 10.9% to N116 billion, up from N104.6 billion, maintaining its annualized return on average equity for the third quarter of 2022 at 19.2%.

Continuing Reading: UBA Revenue Increased by 23.3% to N608 billion in the Third Quarter of this Year