BREAKING: Hike in income tax expense erodes GTCO’s profit by 2.3%

Guaranty Trust Holding Company Plc (GTCO) on Monday reported 88.3 per cent increase in income tax expense to N25.69billion in its half year (H1) ended June 30, 2022 leading to 2.3 per cent decline in profit after tax in the period.

The lender on the Nigerian Exchange Limited (NGX) reported N77.56billion profit in H1 2022 from N79.4billion in H1 2022, while profit before tax rose by 11 per cent to N103.25billion in H1  2022  from N93.06billion reported in H1 2021. 

Amid the decline in profit, the management of GTCO proposed the payment of an interim dividend in the sum of N0.30 Kobo per ordinary share on the issued capital of 29,431,179,224 Ordinary Shares of 50 Kobo each payable to Shareholders on the register of shareholding at the closure date.

…more details later