GTCO becomes first financial institution to cross N1trn profit mark 

…Reports PBT of N1.004trn

Guaranty Trust Holding Company (GTCO) Plc has released its audited consolidated and separate financial statements for the period ended June 30, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax (PBT) of N1.004trilion, becoming the first Nigerian financial institution to cross the N1trillion mark in profit.

This figure represents an increase of 206.6 percent  over N327.4billion recorded in the corresponding period ended June 2023. The Group’s loan book (net) increased by 25.5 percent  from N2.48trillion recorded as at December 2023 to N3.11trillion in June 2024, while deposit liabilities grew by 39.8 percent from recorded N7.55trillion in December 2023 to
N10.55trillion in June 2024.

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The Group recorded growth across all of its asset lines and continues to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions where 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 N14.5trillion and N2.4trillion, respectively.

Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 21 percent , while asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 4.3 percent  in June 2024 from 4.2 percent in December 2023. Improvement in Cost of Risk (COR) stood at 1.6 percent  from 4.5 percent  in December 2023.

Commenting on the results, Segun Agbaje, group chief executive officer of Guaranty Trust Holding Company Plc 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.”