GTCO rakes in N433.2bn profit in nine months

Guaranty Trust Holding Company Plc (GTCO or the Group) has reported profit before tax of N433.2 billion, representing an increase of 155.2% over N169.7 billion recorded in the corresponding period ended September 2022.

The Group made this known in its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2023, released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

GTCO’s loan book (net) grew by 17.7% from N1.89 trillion recorded as at December 2022 to N2.22 trillion in September 2023, while deposit liabilities increased by 37.9% from N4.61 trillion in December 2022 to N6.36 trillion in September 2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N8.6 trillion and N1.3 trillion, respectively.

GTCO rakes in N327.4bn profit in 6 months

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8% in September 2023 from 5.2% December 2022, however, Cost of Risk (COR) closed at 4.1% from 0.6% in December 2022 owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment.

“Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value.”

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 52.4%, Pre-Tax Return on Assets (ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration.

The Star