Nigeria, March 29 -- Net profit at Guaranty Trust Holding Company (GTCO) accelerated by 88.6 per cent for the financial year 2024, according to its audited report released on Friday, as an elevated interest rate environment in Nigeria laid the foundation of record profit for many lenders.

Nigeria's biggest lender by market value also announced on Friday a final dividend of N7.03 per share, taking its total dividend to N8.03 (compared to N3.20 for 2023) and its potential payout for the year to record N269.4 billion.

Shares in the banking group went up by 6 per cent at the end of trade in Lagos following the news.

The corporation saw its gross earnings rise 81.1 per cent to N2.1 trillion, largely supported by a substantial increase in in...