GTCO’s PBT hits N169.7bn in 2022

COMFORT EKELEME, Business Editor

Guaranty Trust Holding Company Plc has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported Profit Before Tax (PBT) of ₦169.7billion, representing an increase of 11.7per cent over ₦151.9billion recorded in the corresponding period ended September 2021.

Also, the Group’s loan book (net) increased by 2.2per cent from ₦1.80trillion recorded as of December 2021 to ₦1.84trillion in September 2022, while deposit liabilities increased by 6.4per cent from ₦4.13trillion in December 2021 to ₦4.39trillion in September 2022

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦5.81trillion and ₦872.8billion, respectively.

Strong Capital Ratios and Asset Quality were sustained as CAR, Non-Performing Loans (NPL) ratio, and Cost of Risk (COR) closed at 20.7per cent, 5.6per cent, and 0.2per cent in September 2022 from 23.8per cent, 6.0per cent, and 0.5per cent in December 2021, respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), Mr. Segun Agbaje, said; “The Group’s 3rd quarter result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our operating environment.

“We have also kept in focus our vision of supporting Small and Medium Enterprises (SMEs) specifically through our free business platforms to help them stay in business and expand their offerings. With our non-banking businesses fully operational alongside our core banking subsidiary, we are well-positioned to maximise our earnings potential going into the 4th quarter of the year.

“In creating a thriving financial services ecosystem, our goal is to offer great experiences to all who interact with our brand whilst continually enhancing access to innovative financial solutions for individuals and businesses across Africa. We are appreciative of all our customers and other stakeholders who are with us on this journey of building a truly global African financial services institution,” 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 25.8per cent, Pre-Tax Return on Assets (ROAA) of 4.0per cent, Full Impact Capital Adequacy Ratio (CAR) of 20.7per cent and Cost to Income ratio of 45.1per cent.

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