… Reports Profit Before Tax of ₦509.3billion
Guaranty Trust Holding
Company Plc (GTCO or the
Group) has released its Unaudited Consolidated and Separate Financial
Statements for the period ended March 31, 2024, to the Nigerian Exchange Group
(NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of ₦509.3billion, representing an increase of 587.5% over ₦74.1billion recorded in the corresponding period ended March 2023. The Group’s loan book (net) increased by 21.9% from ₦2.48trillion recorded as at December 2023 to ₦3.02trillion in March 2024, while deposit liabilities increased by 26.0% from ₦7.55trillion in December 2023 to ₦9.51trillion in March 2024.
The Group’s
balance sheet remained well structured, diversified, and resilient with total
assets and shareholders’ funds closing at ₦13.0trillion and ₦2.0trillion,
respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong,
closing at 24.9%, while asset quality was sustained as IFRS 9 stage 3 loans
improved to 3.1% in March 2024 from 4.2% December 2023 and cost of risk (COR)
closed at 0.4% from 4.5% in December 2023.
Commenting
on the results, the Group Chief Executive Officer of Guaranty Trust Holding
Company Plc, Mr. Segun Agbaje, said: “Our first quarter results reflect the
unfolding value of what we have created in all our business verticals through
the Holding Company Structure - from Banking and Payments to Funds Management
and Pension, we are positioned to compete effectively on all fronts and fulfil
all our customers’ needs under a unified, thriving financial ecosystem. Despite
the challenging operating environment, we delivered a solid performance,
recording significant growth across all financial and non-financial metrics,
and we remain on track to meeting our full year guidance.”
Mr. Agbaje
further said: “Looking ahead, we will continue to focus on strengthening our
relationships with our loyal customers, supporting not just individuals and
businesses but also our communities through our well-attested free business
platforms as well as innovative products and services. We are confident in our
credentials to lead the future of financial services in Africa and will not
relent in our commitment to excellence whilst delivering long-term value to all
stakeholders.”
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 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9% and cost-to-income ratio (CIR) of 16.3%.
GTCO is a
leading financial services group with banking operations in Nigeria, West
Africa, East Africa, and the United Kingdom alongside non-banking verticals in
HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.
Its leadership in the banking industry and efforts at empowering people and
communities has earned it many prestigious awards over the years. Recently,
Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR
at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by
World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty
Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in
Africa rankings by The Banker.
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