GTCO’s half-year profit shrinks despite revenue hitting N239 billion
Guaranty Trust Holding Company (GTCO) saw an appreciable advance in top line for the year to June as all its income sources but other income expanded, according to the audited earnings report of Nigeria’s second biggest by market capitalisation issued on Monday.
But the growth could not propel profit as two bugbears – galloping tax spend and other operating expenses – gnawed away at income at a time inflation in Nigeria was touching new highs.
GTCO, more than half of whose revenue and profit was contributed by…