……. Reports Profit Before Tax of ₦1.004trillion
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has
released its Audited Consolidated and Separate Financial Statements for the
period ended June 30, 2024, to the Nigerian Exchange Group (NGX) and London
Stock Exchange (LSE).
The Group reported profit before tax of ₦1.004trilion, becoming the first Nigerian financial institution to cross the ₦1trillion mark in profit. This milestone figure represents an increase of 206.6% over ₦327.4billion recorded in the corresponding period ended June 2023. The Group’s loan book (net) Increased by 25.5% from ₦2.48trillion recorded as at December 2023 to ₦3.11trillion in June 2024, while deposit liabilities grew by 39.8% from ₦7.55trillion in December 2023 to ₦10.55trillion in June 2024.
The Group recorded growth across all its asset lines and
continues to maintain a well-structured, healthy, and diversified balance sheet
across all jurisdictions wherein it operates a Banking franchise as well as
across its Payments, Pension and Funds Management business verticals with total
assets and shareholders’ funds closing at ₦14.5trillion and ₦2.4trillion,
respectively. Capital Adequacy Ratio (CAR) remained very robust and strong,
closing at 21.0%, while asset quality was sustained as evidenced by IFRS 9
Stage 3 Loans which closed at 4.3% in June 2024 from 4.2% in December 2023 and
improvement in Cost of Risk (COR) to 1.6% 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: “We are
immensely proud of the progress we have made as a leading financial holding
company. Despite the uncertainties in the operating environment, our
performance in the first half of the year, where we recorded our highest profit
to date, is a testament to the resilience and adaptability of our business
model. We remain optimistic about the future and are committed to leveraging
our unique strengths as a thriving financial services ecosystem to create
sustainable value for all our stakeholders as we continue to position all our
business verticals–Banking, Funds Management, Pension, and Payments–for rapid
growth across key markets.”
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 103.6%, Pre-Tax Return on Assets
(ROAA) of 16.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.0% and Cost to
Income ratio of 16.7%.
GTCO Guaranty Trust Holding Company Plc is the ultimate
holding company of the GTCO Plc Group, one of the largest financial services
institutions in Africa. Headquartered in Lagos, Nigeria, Guaranty Trust Holding
Company Plc maintains direct and indirect investments in a network of operating
entities located in 10 countries across Africa and the United Kingdom. GTCO’s
leadership in the banking industry and efforts at empowering people and
communities has earned it many prestigious awards over the years. Guaranty
Trust Bank is a Twelve-time winner of Euromoney’s Best Bank in Nigeria award
and was recently named Nigeria’s Strongest Brand and Best Banking Brand in
Nigeria by Brand Finance and Global Brands Magazine, respectively.
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