Guaranty Trust Holding Company Plc (GTCO)’s gross earnings declined by 1.63% YoY in 2021FY to sit at NGN447.81bn, following a sharp decline in its interest income by 11.25% YoY. We attribute the drag in the group’s interest income to the general low yield environment and, more specifically, the group’s large stock of low-yielding (yield of 0.50%) CBN special bills which make up about half of the total investment securities.
