GTCO RECORDS 184.5% RISE IN PROFIT TO N609.3BN

GTCO RECORDS 184.5% RISE IN PROFIT TO N609.3BN

GTCO records 184.5% rise in profit to N609.3bn

 

Guaranty Trust Holding Company GTCO Plc, has recorded 184.5% increase in its Profit Before Tax, PBT to N609.3 billion in the financial year ended December 2023 from N214.2 billion in 2022.

The disclosed this in its financial statement for the year 2023 released yesterday.
The result showed that the Group’s loan book (net) increased by 31.5% to N2.48 trillion in 2023 from N1.89 trillion 2022 while deposit liabilities grew by 63.7% to N7.55 trillion from N4.61trillion .

The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion, respectively.

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.2% in December 2023 from 5.2% December 2022.

However, Cost of Risk (COR) closed at 4.5% from 0.6% in December 2022 owing to worsening macros which caused significant increase in ECL variables. Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals. Harnessing the Group’s synergies yielded a strong performance, allowing us to strengthen our foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.”

 

GTCO
By Peter Egwuatu

 

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