Guaranty Trust Holding Company Plc (GTCO) has declared a profit before tax of N214.2 billion in its Audited Consolidated and Separate Financial Statements for the year which ended on December 31, 2022.
The decrease in profit before tax, according to results forwarded to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), represented 3.3 per cent dip from N221.5 billion posted in the corresponding year which ended in December 2021.
GTCO, however, attributed the decrease in PBT to N35.6 billion impairment recognised on Ghanaian sovereign securities.
According to a statement made available to The Star on Friday, April 14, the Group’s loan book (net) increased by 4.6 per cent from N1.80 trillion as of December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6 per cent from N4.13 trillion to N4.61 trillion during the same period.
The Group’s balance sheet remains well-structured and resilient with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively.
Capital Adequacy Ratio (CAR) remained strong, closing at 24.1 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2 per cent in December 2022 from six per cent in December 2021.
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However, the Cost of Risk (COR) inched up marginally to 0.6 per cent in financial year, 2022 from 0.5 per cent in December 2021 due to impact of worsened macros on PDs.
Speaking on the results, the Group Chief Executive Officer (CEO) of Guaranty Trust Holding Company Plc (GTCO Plc), Segun Agbaje, said: “Our ability to successfully navigate the peculiar challenges in the different markets where we operate.
“This 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.”
He further stated that 2022 was significant for the Group being the first year after its 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,” Agbaje added.
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 per cent, Pre-Tax Return on Assets (ROAA) of 3.6 per cent, Full Impact Capital Adequacy Ratio (CAR) of 24.1 per cent and Cost to Income ratio of 48 per cent.
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