Guaranty Trust Holding Company announces 13per cent decrease in profit to N174.8bn
By Philemon Adedeji
Guaranty Trust Holding Company at the close of the week announced 13 per cent decrease in profit for the 2021 full year audited financial statement reporting a profit from N201.4 billion corresponding period of 2020 to N174.8 billion in the current period.
From the data released by Nigerian exchange limited (NGX), profit before income tax recorded declined by 7 per cent from N238.1 billion in full year of 2020 to N221.5 billion in full year of 2021.
However, Net interest income recorded also depreciated by 13 per cent from N253.7 billion corresponding period of 2020 to N220.6 billion in the current period.
But, net fee and commission income appreciated by 40 per cent from N46.9 billion in the corresponding period of 2020 to N65.65 billion in the current period.
The group recorded declination of 1.6 per cent in gross earnings from N455.2 billion in twelve months of 2020 to N447.8 in twelve months of 2021.
Basic earnings per share recorded for the period decrease by 14 per cent from 7.14 kobo in the 2020 to 6.14 kobo in the 2021.
The bank reported that dividends during the 2021 financial year (FY), which director announced and make payment of an interim dividend of 30 kobo per ordinary share on the issued capital of N29,431,179,224 billion ordinary shares of 50kobo each for the half-year period ended June 30, 2021.
There was no income tax consequence on the company as a result of the dividend pay-out, as the company is only required to deduct this tax at source on behalf of Tax authorities in Nigeria. The tax so withheld represents advance payment of income tax by the recipient shareholders.
The Chief Executive officer, Segun Agbaje, said assessment has been made for the company’s ability to continues as a going concern and has no reason to believe that the bank will not remain a going concern in years ahead.
Also, we have reasonable expectation that the company adequate resources to continue operations for foreseeable future.
