GTCO’s profit hits N103.2bn in six months

Guaranty Trust Holding Company (GCTO) Plc has recorded a profit before tax of N103.2 billion for the first six months of 2022.

The figure represents an increase of 11.0% over N93.1 billion recorded in the corresponding period ended June 2021.

The Group’s loan book (net) increased by 1.8% from N1.80 trillion recorded as at December 2021 to N1.83 trillion in June 2022 while deposit liabilities increased by 6.4% from N4.13 trillion in December 2021 to N4.39 trillion in June 2022.

GTCO, in its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), stated its balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.7 trillion and N845.7 billion, respectively.

Full Impact Capital Adequacy Ratio (CAR) stayed very strong, closing at 22.0%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 6.2% and 0.2% in June 2022 from 6.0% and 0.5% in December 2021, respectively.

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 23.9%, Pre-Tax Return on Assets (ROAA) of 3.7%, Full Impact Capital Adequacy Ratio (CAR) of 22.0% and Cost to Income ratio of 49.1%.

Speaking on the results, the Group Chief Executive Officer of GTCO, Mr. Segun Agbaje, said: “Our results show an increase in key revenue lines and a strong performance in other financial metrics which reinforce our growth prospects as a leading financial services company.

“Our priority at the start of the 2022 financial year was to bring the Group’s new businesses on-stream, starting strong with a focus on long-term viability. At present, we have successfully expanded our financial services ecosystem to include HabariPay Ltd, Guaranty Trust Fund Managers Ltd, and Guaranty Trust Pension Managers Ltd, and all of them are P&L positive.”

Agbaje added that: “These newly created businesses will operate alongside our flagship banking franchise to offer increased value to our growing customer base as well as other stakeholders.

“We will continue to build on our core strengths of service excellence, innovation, and flawless execution to deliver our corporate objectives for the year and further our vision of being Africa’s leading financial services institution.”

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GTCO Plc is a fully-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including Payment, Funds Management and Pension Fund Management.

With N5.7 trillion in assets and over 28 million customers, the Group remains one of the most profitable and best managed financial services companies out of Nigeria providing commercial banking services and non-banking financial services across eleven countries.

Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years including Best Banking Group in Nigeria and Most Innovative Bank in Nigeria at the 2022 World Finance Banking Awards. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2022 ranking of The Brand Africa 100: Africa’s Best Brands.

The Star