Economy
GTCO Improves Pre-Tax Profit by 11.7% in Q3 2022
By Dipo Olowookere
One of the leading financial institutions in Nigeria, Guaranty Trust Holding Company (GTCO) Plc, the parent company of GTBank Limited, improved its pre and post-tax profits in the first nine months of 2022.
According to the unaudited results of the organisation released on Tuesday, the profit before tax (PBT) increased by 11.7 per cent to N169.7 billion from the N151.9 billion recorded in the same period of 2021, as the net profit grew for the first time in the past quarters by 0.8 per cent to N130.4 billion from N129.4 billion.
Also, the earnings per share (EPS), which measures the profitability of a single stock of the company, marginally grew in the period under review by 0.02 per cent to N4.55 versus N4.54 in Q3 of 2021.
A look at the top line of the results showed that the company reported a net interest income of N189.7 billion versus N162.9 billion in the preceding period as a result of an improvement in the interest income to N204.0 billion from N178.3 billion due to more earnings from loans to customers and Eurobond.
In the period under consideration, GTCO boosted its fee and commission by 18.2 per cent to N66.9 billion from N56.6 billion as the financial institution earned more from account maintenance charges, asset management fees, corporate finance fees, amid a marginal shortfall in e-business income and commission on Touch Points.
In the first nine months of the year, GTCO spent N30.5 billion on personnel expenses compared with N28.2 billion in the same period of last year due to an increase in wages and salaries to N29.6 billion from N27.3 billion.
In Q3 2022, the organisation said its net loan book increased by 2.2 per cent to N1.84 trillion from N1.80 trillion in December 2021, while the deposit liabilities rose by 6.4 per cent on a year-to-date basis to N4.39 trillion from N4.13 trillion.
The firm maintained strong capital ratios and asset quality as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7 per cent, 5.6 per cent, and 0.2 per cent in September 2022 from 23.8 per cent, 6.0 per cent, and 0.5 per cent in December 2021, respectively.
“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.
“With our non-banking businesses fully operational alongside our core banking subsidiary, we are well positioned to maximise our earnings potential going into the 4th quarter of the year,” the group CEO of GTCO, Mr Segun Agbaje, commented on the results.
“In creating a thriving financial services ecosystem, our goal is to offer great experiences to all who interact with our brand whilst continually enhancing access to innovative financial solutions for individuals and businesses across Africa.
“We are appreciative of all our customers and other stakeholders who are with us on this journey of building a truly global African financial services institution,” he added.
GTCO Plc is a fully-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including payment, funds management, and pension fund management.
With N5.8 trillion in assets and over 28 million customers, the group remains one of the most profitable and best-managed financial services companies out of Nigeria providing commercial banking services and non-banking financial services across eleven countries.
Its leadership in the banking industry and efforts at empowering people and communities have earned it many prestigious awards over the years, including Best Banking Group in Nigeria and Most Innovative Bank in Nigeria at the 2022 World Finance Banking Awards.
It also retained its position as Africa’s Most Admired Financial Services Brand in the 2022 ranking of The Brand Africa 100: Africa’s Best Brands.
By Aduragbemi Omiyale
One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.
Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.
Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.
The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.
At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.
“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.
“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.
By Adedapo Adesanya
The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.
In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.
Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.
The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.
The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.
FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.
Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).
On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.
As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.
Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.
On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.
By Dipo Olowookere
A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.
Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.
Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.
Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.
During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.
Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.
Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.
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