Guaranty Trust Holding Company Plc (GTCO) has announced profit before tax (PBT) of ₦214.2billion for the year ended December 31, 2022 to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The company stated this in its audited consolidated and separate financial statements released on Friday.
The Group’s PBT for 2022 represents a 3.3% dip from ₦221.5billion posted in the corresponding year ended December 2021 on the back of ₦35.6bn impairment recognised on Ghanaian sovereign securities.
The Group’s loan book (net) increased by 4.6% from ₦1.80trillion as at December 2021 to ₦1.89trillion in December 2022, while deposit liabilities grew by 11.6% from ₦4.13trillion to ₦4.61trillion during the same period.
The Group’s balance sheet remains well-structured and resilient with total assets and shareholders’ funds closing at ₦6.45trillion and ₦931.1billion, respectively. Capital Adequacy Ratio (CAR) remained very strong, closing at 24.1%. Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2% in December 2022 from 6.0% in December 2021, however, Cost of Risk (COR) inched up marginally to 0.6% in FY-2022 from 0.5% in December 2021 due to impact of worsened macros on PDs.
Commenting on the results, the Group chief executive officer of GTCO Plc 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 further stated, “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.”
