Guaranty Trust Holding Company (GTCO) recorded its peak revenue ever in 2022 as surges in lending rates across the banking industry during the year impacted interest income and spikes were reported across all of the income sources of the financial services group.
But the rise in the top line did not lift profit as earnings took a battering from cost pressures amid record inflation in Africa’s largest economy.
Gross earnings leapt 20.4 per cent to N539.2 billion mainly on account of improved interest income, according to the lender’s audited earnings report issued on Friday.
