Guaranty Trust Holding Company Plc
(GTCO) has released its unaudited consolidated and separate financial statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The group reported profit before tax of ₦509.3billion, representing an increase of 587.5 percent over ₦74.1billion recorded in the corresponding period ended March 2023. Its loan book, the statement added, increased by 21.9 percent from ₦2.48trillion recorded as at December 2023 to ₦3.02trillion in March 2024, while deposit liabilities increased by 26 percent from ₦7.55trillion in December 2023 to ₦9.51trillion in March 2024.
GTCO’s “balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N13.0trillion and N2.0trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.9 percent while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1 percent in March 2024 from 4.2 percent December 2023 and cost of risk (COR) closed at 0.4 percent from 4.5 percent in December 2023,” the statement said.
Commenting on the results, GTCO’s group chief executive officer Segun Agbaje, said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meeting our full year guidance.”
Mr. Agbaje further said: “Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our well-attested free business platforms as well as innovative products and services. We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders.”
