Connect with us


GTCO Plc releases Q3 2023 unaudited results




Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦433.2billion, representing an increase of 155.2% over ₦169.7billion recorded in the corresponding period ended September 2022.

The Group’s loan book (net) grew by 17.7% from ₦1.89trillion recorded as at December 2022 to ₦2.22trillion in September 2023, while deposit liabilities increased by 37.9% from ₦4.61trillion in December 2022 to ₦6.36trillion in September 2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦8.6trillion and ₦1.3trillion, respectively.

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8% in September 2023 from 5.2% December 2022, however, Cost of Risk (COR) closed at 4.1% from 0.6% in December 2022 owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said;

He further 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 52.4%, Pre-Tax Return on Assets (ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration.

Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance.

GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.