Guaranty Trust Holding Company Plc (GTCO), has reported profit before tax of ₦433.2billion for September end 2023, an increase of 155.2% over ₦169.7billion recorded in the corresponding period in 2022.
This is contained in its filing of the Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2023, to the Nigerian Exchange Group (NGX), and London Stock Exchange (LSE).
Other indices also showed positive outcomes, as “the Group’s loanbook (net) grew by 17.7% from ₦1.89trillion recorded as of December 2022 to ₦2.22trillion in September 2023, while deposit liabilities increased by 37.9% from ₦4.61trillion in December 2022 to ₦6.36trillion in September 2023.
“The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦8.6trillion and ₦1.3trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8% in September 2023 from 5.2% December 2022.”
GTCO however admitted to an increase in Cost of Risk (COR), which “closed at 4.1% from 0.6% in December 2022, owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables.
We are proud of our work towards promoting enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through our consumer-focused fairs.
Commenting on the results, the Group Chief Executive Officer, GTCO, Segun Agbaje, was quoted as saying: “Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment.
“Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value.”
He further said: “We are proud of our work towards promoting enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through our consumer-focused fairs.
“The 6th Edition of the GTCO Fashion Weekend is scheduled to hold in Lagos, Nigeria, on 11/12 November 2023, and will give entrepreneurs in the Nigerian fashion retail space a free-business platform to showcase their diverse talents and creativity to a global audience.”
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 52.4%, Pre-Tax Return on Assets (ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.
GTCO is reputed as a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration.