• Thursday, March 28, 2024
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GTCO reports Q3 pre-tax profit of N169.7billion

Here’s what to know ahead of GTCO public offer

Guaranty Trust Holding Company Plc has released its unaudited Consolidated and Separate Financial Statements for the third quarter (Q3) period ended September 30, 2022.

The result released to investors at both the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) show the Group reported profit before tax (PBT) of N169.7billion, representing an increase of 11.7percent over N151.9billion recorded in the corresponding period ended September 2021.

The Group’s loan book (net) increased by 2.2percent from N1.80trillion recorded as at December 2021 to N1.84trillion in September 2022, while deposit liabilities increased by 6.4percent from N4.13trillion in December 2021 to N4.39trillion in September 2022

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.81trillion and N872.8billion, respectively. Strong Capital Ratios and Asset Quality were sustained as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7percent, 5.6percent, and 0.2percent in September 2022 from 23.8percent, 6percent, and 0.5percent in December 2021, respectively.

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Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc) 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 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.”

He further stated; “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 appreciate all our customers and other stakeholders who are with us on this journey of building a truly global African financial services institution.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios – that is Pre-Tax Return on Equity (ROAE) of 25.8percent, Pre-Tax Return on Assets (ROAA) of 4percent, Full Impact Capital Adequacy Ratio (CAR) of 20.7percent and Cost to Income ratio of 45.1percent.