GTCO’s half-year shrinks to N79 billion as interest income drop erodes earnings

Nigeria’s biggest financial services group by market value, Guaranty Trust Holding Company Plc , owners of GT Bank, said it earned a post-tax profit of N79.4 billion in the first half of the year, 15.8 per cent weaker than what it posted in the same period of last year.

Profit took a bashing from a slide in net interest income, which fell 16.1 per cent to N107.1 billion from a year earlier in the heat of the pandemic. The lender made an allowance of N81.8 billion for loans to cater for a possible jump in defaults on loans particularly those resulting from the coronavirus crisis. But that was a slight rise when set against the figure for full-year 2020 standing at N81.1 billion.

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