Categories: News

GTCO Plc Releases 2024 Q1 Unaudited Results …….. Reports Profit Before Tax of ₦509.3billion

 

 

Advertisement

Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

 

Advertisement

The Group reported profit before tax of ₦509.3billion, representing an increase of 587.5% over ₦74.1billion recorded in the corresponding period ended March 2023. The Group’s loan book (net) increased by 21.9% from ₦2.48trillion recorded as at December 2023 to ₦3.02trillion in March 2024, while deposit liabilities increased by 26.0% from ₦7.55trillion in December 2023 to ₦9.51trillion in March 2024.

 

Advertisement

The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at ₦13.0trillion and ₦2.0trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.9%, while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1% in March 2024 from 4.2% December 2023 and cost of risk (COR) closed at 0.4% from 4.5% in December 2023.

 

Advertisement

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meeting our full year guidance.”

 

Advertisement

Mr. Agbaje further said: “Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our well-attested free business platforms as well as innovative products and services. We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders.”

 

Advertisement

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 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9% and cost-to-income ratio (CIR) of 16.3%.

 

Advertisement

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. 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.

Advertisement
citynews

Recent Posts

#US2024: Biden-Trump rematch is still neck and neck -New Poll Shows

For President Biden’s supporters, it must seem like a slam dunk: The guy with decades…

5 hours ago

Xi and Putin: The marriage of convenience that is reshaping the world order

Vladimir Putin began the second day of his trip to China on Friday by laying a wreath…

5 hours ago

‘Tax Evasion’: FIRS amends charge against Binance, Gambaryan

The Federal Inland Revenue Service (FIRS) has filed an amended four-count charge against Binance Holdings Limited…

5 hours ago

CAF Adopts Nigerian Name ‘Ola’ For New Interclub Match Ball

The Confederation of African Football, CAF, has adopted a Nigerian language name for its official…

5 hours ago

Lagos Court Jails Social Media Influencer,’Keanu Reeves’ For Celebrity Scam

Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, on Wednesday, sentenced Aluko Tunmise, a…

6 hours ago

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 18th May 2024

What is the Dollar to Naira Exchange rate at the black market also known as…

6 hours ago