BUSINESS

GTCO Depreciates By N2.94bn As Market Cap Drops To N615.11bn

 

GTCO Plc has depreciated by N2.94 billion after its market capitalization dipped to N615.11 billion from N618.05 billion at the end of the week’s trading session.

NewsBeatng reports that the loss could be attributed to the decrease in its share price, from N21.00 traded at the end of last week, to N20.90 as at the close of business, reflecting an increase of 2.83%.

The bank’s financial statements for the period ended 30th September 2022 revealed a growth of 23.71% in net interest income from N68.94 billion as of Q3 2021 to N85.29 billion in the current period.

However, post-tax profit appreciated by 5.61% to N52.79 billion from N49.98 billion in the current period.

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