In its half-year 2023 result, Guaranty Trust Holding Company Plc (“GTCO”) reported profit before tax to the tune of ₦327.4billion, ENigeria Newspaper reports.
The profit before tax of ₦327.4billion recorded in the consolidated audited report released by GTCO represents an increase of 217.1% overv₦103.2billion recorded in the corresponding period ended June 2022.
The report which was made available to ENigeria Newspaper represents Separate Financial Statements for the period ended June 30, 2023, also released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
ENigeria Newspaper reports that GTCO loan book (net) increased by 22.8% from ₦1.89trillion recorded as of December 2022 to ₦2.32trillion in June 2023, while its deposit liabilities grew by 37.0% from ₦4.61trillion in December 2022 to ₦6.32trillion in June 2023.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦8.5trillion and ₦1.2 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.7%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.6% in June 2023 from 5.2% in December 2022, however, Cost of Risk (COR) closed at 3.7%
from 0.6% in December 2022 owing to worsening macros which caused a significant increase in ECL variables.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje said; “Our half-year audited results reflect the strong business fundamentals underpinning the GTCO franchise, the quality of our past decisions in future-proofing our balance sheet for challenging times, and the sound practices that guide our day-to-day operations.
Despite the challenges in the business environment, notably inflationary pressures and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure. Improved profitability and solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development, and our people.”
He further said; “We recognise the impact prevailing economic and market conditions have on people and livelihoods and we remain committed to seeking better outcomes for our customers by ensuring that our products and service offerings support our customers and their businesses through their evolving realities, whilst also taking every opportunity to optimise stakeholder value.”
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 61.4%, Pre-Tax Return on Assets (ROAA) of 8.8%, Full Impact Capital Adequacy Ratio (CAR) of 24.7% and Cost to Income ratio of 27.7%.
GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration. 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.
Source: ENigeria Newspaper
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.