Nigeria’s biggest lender by market value, Guaranty Trust Holding Company Plc saw declining revenue and profit levels for the nine months to September, according to the group’s unaudited earnings report for the period obtained on Wednesday, an indication of its struggle to arrest a pattern of waning interest income in recent times.
posted gross earnings in the sum of N318.5 billion, meaning a fall of 3.5 per cent from 2020 level, when it stood at N330 billion, according to the document posted by the Nigerian Exchange Limited.has now reported two consecutive quarters of profit contraction and could report its first annual profit and revenue drop for the first time in at least half a decade if the trend is not tamed before year end.
But fees and commission income, the group’s biggest source of income after interest, grew more than a half to N56.6 billion on the strength of E-business income, which contributed 28 per cent to that earnings category.
The five biggest lenders – FBN Holdings, United Bank for Africa, GTCO, Access Bank and Zenith Bank – generatedbetween them from January and June, a 51 per cent boost compared to what they reported for the same period last year. GTCO’s pre-tax profit came to N151.9 billion, 9.2 per cent weaker while the profit for the period fell by one-tenth to N129.4 billion from last year’s level.This July, GTCO
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