GTCO profit rises by 184.5%, hits N609.3bn for 2023
Guaranty Trust Holding Company GTCO Plc, has recorded 184.5 per cent increase in its Profit Before Tax, PBT to N609.3 billion in the financial year ended December 2023 from N214.2 billion in 2022.
This was disclosed in its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2023, sent to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The result showed that the Group’s loan book (net) increased by 31.5% to N2.48 trillion in 2023 from N1.89 trillion 2022 while deposit liabilities grew by 63.7% to N7.55 trillion from N4.61 trillion.
The Group disclosed that its balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion, respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.2% in December 2023 from 5.2% December 2022
However, Cost of Risk (COR) closed at 4.5% from 0.6% in December 2022 owing to worsening macros which caused significant increase in ECL variables.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals. Harnessing the Group’s synergies yielded a strong performance, allowing us to strengthen our foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.”
He added: “In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve
