The Guaranty Trust Holding Company Plc (GTCO) has reported a profit before tax of N214.2 billion for the year ending December 31, 2022.
GTCO in its Audited Consolidated and Separate Financial Statements made available to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) on Friday, April 14, stated that the profit represents 3.3% dip from N221.5 billion posted in 2021.
It, however, attributed the profit dip to N35.6 billion impairment recognised on Ghanaian sovereign securities.
The Group’s loan book (net) increased by 4.6% from N1.8 trillion as at December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6% from N4.13 trillion to N4.61 trillion during the same period.
GTCO’s total assets and shareholders’ funds closed at N6.45 trillion and N931.1billion, respectively.
Capital Adequacy Ratio (CAR) remained very strong, closing at 24.1%. Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2% in December 2022 from 6.0% in December 2021, however, Cost of Risk (COR) inched up marginally to 0.6% in FY-2022 from 0.5% in December 2021 due to impact of worsened macros on PDs.
Commenting on the results, the Group Chief Executive Officer of GTCO, Mr. Segun Agbaje, said: “Our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.
“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”
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He further stated; “As an organisation, 2022 was quite significant for us being the first year after our corporate restructuring into a financial holding company in August 2021.
“Today, across our Banking, Payment, Funds Management, and Pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders. We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 23.6%, Pre-Tax Return on Assets (ROAA) of 3.6%, Full Impact Capital Adequacy Ratio (CAR) of 24.1% and Cost to Income ratio of 48.0%.
GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration.
Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.
Recently, the Bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.
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