Guaranty Trust Holding Company Plc. (GTCO) recorded a double-digit topline growth in the first half of 2022. The group’s gross earnings grew to NGN239.29bn – growing by 0.09% QoQ (NGN119.70bn in Q2:2022 vs NGN119.59bn in Q1:2022). This impressive result was driven by both funded (+16.74% YoY) and nonfunded income (+12.55% YoY). Although reduction in yields on local currency placements (7.70% in H1:2022 vs. 16.80% in H1:2021) moderated asset yield to 8.01% (vs. 8.14% in H1:2021), growth in average volume of earnings assets (17.00%YoY) spurred the increase in interest income.
