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2020/2021: GTCO depositors lose a whooping N2.57bn to fraud, forgery cases

2020/2021: GTCO depositors lose a whooping N2.57bn to fraud, forgery cases
Mariam Olusanya, new MD Guaranty Trust Company Holdings (GTCo) and CEO of Mr Segun Agbaje
Depositors of Guarantee Trust Holding Company (GTCO) lost a whooping sum of Be.57 billion to fraud and forgery cases between 2020 and 2021, DAILYNEWSWIRENG has learnt.
According to analysis of data provided by the bank in its audited financial statement for the full year 2021 and a copy made available to DAILYNEWSWIRENG, the bank reported N1.2billion fraud and forgeries cases in 2021, against N1.36billion it reported in 2020.
Also, GTCO saw its net profit for last year dive to a level last seen in 2017 as operational expenditure took a hefty bite at earnings and interest income, its core revenue source, dwindled to its lowest in five years.
Profit before income tax fell to N221.5 billion from N238.1 billion while post-tax profit came to N174.8 billion, 13.2 per cent below what it posted a year earlier.
Turnover slid 1.6 per cent to N447.8 billion from N455.2 billion, according to the audited financial statements of the financial services group.
Fees and commission income quickened by 39.4 per cent to N53.2 billion, helping to cushion the impact of a weaker interest income on earnings.
The spur of the growth lied in a near two-fold jump in e-business income to N21 billion as commercial banks continue to deepen inclusion by enrolling more users to electronic banking services.
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