Guaranty Trust Holding Company (GTCO) posted its biggest after-tax quarterly profit in history in the first quarter of the year from the fair value gain on financial instrument in the sum of N331.6 billion resulting from unrealised foreign exchange gains.
The financial services group, with operations spanning banking, pensions, payments and funds management, reported N457.1 billion in net profit for the period compared to N58.2 billion a year earlier, according to its financials issued on Friday.
“They had some unrealised gains from FX. It’s mostly the impact of devaluation. That’s where the bulk of their income came from,” Matilda Adefalujo, banking analyst at Meristem Securities, told PREMIUM TIMES.
