By Stanley Onyeka, Lagos
Guaranty Trust Holding Company Plc (GTCO) has reported a pre-tax profit of N1.004trillion for the half year (H1) ended June 30, 2024.
This feat places GTCO as the first Nigerian financial institution to cross the N1trillion-mark in profit, and a whopping 206.6% increase over the N327.4billion recorded in H1 2023.
The dual-quoted HoldCo disclosed this in its audited consolidated and separate financial statements sent to the Nigerian Exchange Ltd. (NGX), and London Stock Exchange (LSE) on Wednesday.
Other milestones include:
- Group loan book (net) 25.5% up from N2.48trillion recorded as of December 2023 to N3.11trillion in June.
- Deposit liabilities rose 39.8% from N7.55trillion in December 2023 to N10.55trillion in June.
- Group total assets and shareholders’ funds closed at N14.5trillion and N2.4trillion, respectively,
- Capital Adequacy Ratio (CAR) closed at 21% for the half-year period.
- IFRS 9 stage three loans 4.3% in June, from 4.2% in December 2023
- Cost of Risk (COR) improved by 1.6% in the period under review, from 4.5% by year end 2023.
Commenting on the landmark results, the Group Chief Executive Officer (GCEO), Segun Agbaje, was quoted as saying that GTCO is immensely proud of the progress it has made as a leading financial holding company.
This is to create sustainable value for all our stakeholders as we continue to position all our business verticals such as banking, funds management, pension, and payments, for rapid growth across key markets.
Mr. Agbaje noted that despite the uncertainties in the operating environment, GTCO was able to record its highest profit to date in the first half of the year.
He described this was a testament to the resilience and adaptability of the financial holding’s business model.
He said: “We remain optimistic about the future, and we are committed to leveraging our unique strengths as a thriving financial services ecosystem.
“This is to create sustainable value for all our stakeholders as we continue to position all our business verticals such as banking, funds management, pension, and payments, for rapid growth across key markets.”
According to him, the Group recorded growth across all its asset lines, while it maintained a well-structured, healthy, and diversified balance sheet across all jurisdictions where it operates a banking franchise and other businesses.
He assured that the Group will continue to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios.
GTCO maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
