2024 Half Year: GTCO’s PBT hits N1.004trn

COMFORT EKELEME, Business Editor

Guaranty Trust Holding Company Plc (GTCO) has reported Profit Before Tax (PBT) of ₦1.004trilion, becoming the first Nigerian financial institution to cross the ₦1trillion mark in profit.

This milestone figure contained in the bank’s Audited Consolidated and Separate Financial Statements for the period ended June 30, 2024, presented to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), represents an increase of 206.6per cent over ₦327.4trillion recorded in the corresponding period ended June 2023.

According to the report, the Group’s loan book (net) Increased by 25.5per cent from ₦2.48trillion recorded as at December 2023 to ₦3.11trillion in June 2024, while deposit liabilities grew by 39.8per cent from ₦7.55trillion in December 2023 to ₦10.55trillion in June 2024.

The Group recorded growth across all its asset lines and continues to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions wherein it operates a Banking franchise as well as across its Payments, Pension and Funds Management business verticals with total assets and shareholders’ funds closing at ₦14.5trillion and ₦2.4trillion, respectively.

Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 21.0per cent, while asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 4.3per cent in June 2024 from 4.2per cent in December 2023 and improvement in Cost of Risk (COR) to 1.6per cent from 4.5per cent in December 2023.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “We are immensely proud of the progress we have made as a leading financial holding company.

“Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model.

“We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–Banking, Funds Management, Pension, and Payments–for rapid growth across key markets,” he said.

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 103.6per cent, Pre-Tax Return on Assets (ROAA) of 16.6per cent, Full Impact Capital Adequacy Ratio (CAR) of 21.0per cent and Cost to Income ratio of 16.7per cent.