Guaranty Trust Holding Company Plc (GTCO Plc or The Group) has reported profit before tax (PBT) of ₦54.3billion for the period ended March 31, 2022.
This was contained in its unaudited consolidated and separate financial statements released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group’s PBT represents an increase of 1.1% over ₦53.7billion recorded in the corresponding period of March 2021. FX translation of the FCY loan book led to a drop in the Group’s net loans by 4.7% from ₦1.80trillion recorded as of December 2021 to ₦1.72trillion in March 2022. Deposit liabilities however grew by 0.7% from ₦4.13trillion in December 2021 to ₦4.16trillion in March 2022.
The Group said its balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦5.50trillion and ₦908.8billion, respectively. Capital ratios and asset quality was sustained as CAR, NPL ratio and cost of risk (COR) closed at 22.9%, 5.9% and 0.1% in March 2022 from 23.8%, 6.0% and 0.5% in December 2021, respectively.
Commenting on the results, the Group chief executive officer of Guaranty Trust Holding Company Plc Segun Agbaje said: “Our first-quarter results show a decent improvement across key revenue lines as well as other financial metrics, which demonstrates our ability to effectively navigate the evolving business landscape anchored on our strong business fundamentals.”
He added, “With this performance, we are optimistic about the rest of 2022 as we rapidly consolidate the gains of our new holding company structure to deliver superior Stakeholder value. Importantly, our non-banking businesses including Pension Management, Wealth Management and Payments will serve to diversify our earnings capacity as we look to create a model financial services ecosystem for all of Africa. As a Group, we are fully committed to providing innovative financial solutions whilst constantly delivering best-in-class customer experiences in line with our long-term strategy.”
