GTCO records N214bn profit – TrendyNewsReporters
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GTCO records N214bn profit

Guaranty Trust Holding Company Plc has said it recorded profit before tax of N214.2bn, representing 3.3 per cent dip from N221.5bn recorded in the corresponding year ended December 2021.

The Group disclosed this in a statement on its audited consolidated and separate financial statements for the year ended December 31, 2022, which was released on the Nigerian Exchange Group and London Stock Exchange.

It stated that this was on the back of N35.6bn impairment recognised on Ghanaian sovereign securities.

The Group’s loan book (net) increased by 4.6 per cent from N1.80tn as of December 2021, to N1.89tn in December 2022, while deposit liabilities grew by 11.6 per cent from N4.13tn to N4.61tn during the same period.

According to the statement, the Group’s balance sheet remained well-structured and resilient with total assets and shareholders’ funds closing at N6.45tn and N931.1bn, respectively.

It stated that, “Capital Adequacy Ratio remained very strong, closing at 24.1 per cent. Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2 per cent in December 2022 from 6.0 per cent in December 2021. However, cost of risk inched up marginally to 0.6 per cent in FY-2022 from 0.5 per cent in December 2021 due to impact of worsened macros on PDs.”

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said, “Our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.

“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”

He added, “As an organisation, 2022 was quite significant for us being the first year after our corporate restructuring into a financial holding company in August 2021.

“Today, across our banking, payment, funds management, and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.

“We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa.”

The statement noted that overall, the Group continued to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios such as pre-tax return on equity of 23.6 per cent, pre-tax return on assets of 3.6 per cent, full impact capital adequacy ratio of 24.1 per cent and cost to income ratio of 48.0 per cent.

Daniel

Graphic Designer/ Content Writer

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