GTCO Joins Zenith Bank as Profit Hits N1trn for First Time

Guaranty Trust Holding Company (GTCO simulated ₦69.07 ▲0.92%) Plc posted a trillion-naira profit after tax last year for the first time since it was established 35 years ago.

This comes two days after Zenith Bank simulated ₦51.95 ▼0.27%, the second-biggest lender by market capitalisation after GTCO, reported a record N1.03 trillion after-tax profit for 2024.

GTCO’s net income jumped to N1.02 trillion from N539.65 billion in the previous year, its earnings report released on Thursday shows.

The group’s board of directors proposed a final dividend of N7.03 per share, bringing its total payment to N8.03 as against N3.20 in 2023.

The report shows that the bank paid to the government N51.3 billion in windfall tax, which was introduced last year on foreign exchange gains made by banks following the devaluation of the naira.