GTCO records N151bn PBT

COMFORT EKELEME, BUSINESS EDITOR

Guaranty Trust Holding Company Plc (GTCO) has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2021, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported a Profit Before Tax of N151.9billion, representing a drop of 9.2 per cent over N167.4billion recorded in the corresponding period of September 2020.

The Group’s loan book increased by 4.5per cent from N1.66trillion recorded as at December 2020 to N1.74trillion in September 2021, while deposit liabilities increased by 8.0per cent from N3.61trillion in December 2020 to N3.90trillion in September 2021.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.14trillion and N824.7billion respectively.

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.8per cent, while asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 5.8per cent and 0.3per cent in September 2021 from 6.4per cent and 1.2per cent in September 2020 respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc , Mr. Segun Agbaje, said; “Our performance validates the resilience of our balance sheet in spite of the challenges in the operating environment and, further justifies our decision to diversify our earnings by going beyond banking in creating long-term value for our discerning stakeholders.

“Looking forward, we will replicate our digital-first, customer-centric banking strategy in the wealth management and payment spaces to rapidly scale our service offerings in line with our long-term strategy.

“As businesses and households continue to recover from the lingering impact of covid-19 pandemic, our resolve to stand with our customers and communities through the recovery process is yielding the desired results. Ultimately, we aim to improve the lives of our stakeholders and build partnerships with our communities,” 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., Post-Tax Return on Equity (ROAE) of 20.8per cent, Post-Tax Return on Assets (ROAA) of 3.4per cent, Full Impact Capital Adequacy Ratio (CAR) of 23.8per cent and Cost to Income ratio of 44.9per cent.