Guaranty Trust Holding Company (GTCO) has reported increase in net interest income for first quarter 2022. However, its profit after tax slumped when compared to the corresponding period of 2021.

In its Unaudited Consolidated and Separate Financial Statements released on Tuesday via the NGX portal, GTCO disclosed that the net interest income for Q1 2022 was N57.20 billion.

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This is a 9% rise in earnings drawn from its interest-bearing assets after factoring the cost of servicing GTCO liabilities. During the same period last year, the firm had grossed N52.47 billion.

At the end of the first quarter this year, GTCO had issued N50.87 billion to its account holders, surpassing the N44.31 billion the financial institution disbursed in Q1 2021.

Within January to March 2022, Guaranty Trust Holding generated N4.04 billion from its electronic banking services, topping the N3.85 billion the company grossed during the corresponding quarter last year.

Guaranty Trust entered into the next quarter with N43.20 billion as profit after tax from Q1. This fell short of the N45.54 billion the company grossed in Q1 2021, as earnings slowed within the first three months this year.

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