Guaranty Trust Holding Company Plc (GTCO) has reported profit before tax of ₦103.2billion in its audited consolidated and separate financial statements for the period ended June 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The profit of ₦103.2billion, the Group said, represents an increase of 11.0% over ₦93.1billion recorded in the corresponding period ended June 2021. The Group’s loan book (net) increased by 1.8% from ₦1.80trillion recorded as of December 2021 to ₦1.83trillion in June 2022 while deposit liabilities increased by 6.4% from ₦4.13trillion in December 2021 to ₦4.39trillion in June 2022.
The Group’s balance sheet remained resilient with total assets and shareholders’ funds closing at ₦5.7trillion and ₦845.7billion respectively. Full Impact Capital Adequacy Ratio (CAR) closed at 22.0%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 6.2% and 0.2% in June 2022 from 6.0% and 0.5% in December 2021, respectively.
Commenting on the results, the Group chief executive officer of GTCO Plc, Segun Agbaje, said; “Our results show an increase in key revenue lines and a strong performance in other financial metrics which reinforce our growth prospects as a leading financial services company. Our priority at the start of the 2022 financial year was to bring the Group’s new businesses on-stream, starting strong with a focus on long-term viability. At present, we have successfully expanded our financial services ecosystem to include HabariPay Ltd, Guaranty Trust Fund Managers Ltd, and Guaranty Trust Pension Managers Ltd, and all of them are P&L positive.”
Mr Agbaje added, “These newly created businesses will operate alongside our flagship banking franchise to offer increased value to our growing customer base as well as other stakeholders. We will continue to build on our core strengths of service excellence, innovation, and flawless execution to deliver our corporate objectives for the year and further our vision of being Africa’s leading financial services institution.”
