BREAKING: GTCO reports 5.13% decline in profit
Guaranty Trust Holdings Plc (GTCO) on Tuesday announced 5.13 per cent drop in profit, according to first quarter (Q1) unaudited result and accounts for the period ended March, 31, 2022.
The group on the Nigerian Exchange Limited (NGX) reported N43.21billion profit in Q1 2022 from N45,55billion in Q1 2021.
The decline in profit was due to 36.14 per cent increase in tax expenses to N11.08bilion in Q1 2022 from N8.14billion in Q1 2021 as profit before tax grew by 1.12 per cent to N54.29billion in Q1 2022 from N53.68billion reported in Q1 2021.
The Group had posted profit before tax of N221.5billion, representing a dip of 7.01per cent from N238.1billion recorded in 2020.
Investors on the Exchange reacted, leaving the stock of GTCO dropping by 1.42 per cent or N0.35 to close on Tuesday at N24.25 from N24.60 it opened for trading.
