GTCO posts N609.3 billion pre-tax profit
Guaranty Trust Holding Company Plc has reported a profit before tax of N609.3 billion for the financial year ended December 31, 2023.
This represented an increase of 184.5 per cent over N214.2billion recorded in the corresponding year.
The group announced this in its audited financial statements for the year ended December 31, 2023, sent to the Nigerian Exchange Group and London Stock Exchange in Lagos.
GTCO’s loan book (net) increased by 31.5 per cent from N1.89 trillion recorded as of December 2022 to N2.48 trillion in December 2023.
The group’s deposit liabilities grew by 63.7 per cent, from N4.61 trillion posted in the year ended 2022 to N7.55 trillion at the close of year 2023 business.
The holdings balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion, respectively.
Also, the Full Impact Capital Adequacy Ratio closed at 21.9 per cent, while asset quality was sustained.
The International Financial Reporting Standard nine stage three loans improved to 4.2 per cent in December 2023 from 5.2 per cent recorded in December 2022.
However, Cost of Risk closed at 4.5 per cent from 0.6 per cent in Dec. 2022, as a result of worsening macros, which caused significant increase in Expected Credit Loss variables.
Commenting on the results, the Group Chief Executive Officer of GTCO, Segun Agbaje, said the challenging operating environment of 2023 truly tested the business model put in place for the holding company, for both its banking and non-banking business verticals.
Mr Agbaje stated that harnessing the group’s synergies yielded a strong performance and allowed the company to strengthen its foothold in banking.
He explained that GTCO also built viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.
He stated, “Also important to our success is our relentless obsession with innovation and offering great customer experiences, as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.
“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value. Creating more opportunities for the businesses and individuals we serve.
“As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across our operations and deliver long-term value for our stakeholders.”
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
FG unveils Nigeria Genomic City to drive research, innovation
The federal government has unveiled the Nigeria Genomic City initiative as part of efforts to transform the country into a knowledge and innovation-driven economy.
States
Court frees man accused of theft after complainant’s case withdrawal
Mr Tellang said the complainant agreed to withdraw the case after the defendant paid part of the money involved.
States
Ogun men bag prison sentence for stealing generator
The Abeokuta Magistrate’s Court, Isabo Division, on Thursday, sentenced two men to a year’s imprisonment each for stealing a generator valued at N1.1 million.
Health
Kano cancer centre urges early detection of sarcoma
The CEO of Kano Cancer Treatment Centre, Nafisa Abdu, has urged Nigerians to seek prompt medical attention for suspicious lumps, unexplained swelling and prolonged bone pain.
Africa
Kidnap-for-ransom Togolese arrested in Kwara: Police
Police said the suspects threatened to kidnap the complainant and kill his younger brother, Musa Ismaila, if a N22 million ransom was not paid.
Rights
Police to conduct autopsy on woman who died in Umahi’s residence
The police command in Ebonyi has engaged the services of a pathologist to conduct a post-mortem examination on Mary Habila to determine the cause of her death.
