Guaranty Trust Holding Company Plc (GTCO) has released its unaudited 9-month results for 2024, posting a remarkable 196% year-on-year increase in earnings per share (EPS) to NGN38.41.

The company’s interest income grew by 161.7% year-on-year to NGN980.34 billion, driven by elevated rates in the fixed-income market and increases in earning assets.

Net interest income rose by 162.6% year-on-year to NGN781.48 billion, while non-interest income surged 95.2% year-on-year to NGN796.22 billion.

Operating income increased by 145.8% year-on-year to NGN1.51 trillion, with operating expenses growing by 61.3% year-on-year to NGN294.68 billion.

Profit before tax advanced by 181.5% year-on-year to NGN1.22 trillion, while profit after tax grew by 195.3% year-on-year to NGN1.09 trillion.

Analysts expect GTCO to maintain its impressive performance, driven by the high-interest rate environment and operational efficiency.