Guaranty Trust Holding Company Plc (GTCO) has announced its financial results for the year ended December 31, 2024, reporting a profit before tax of ₦1.266 trillion. This represents a 107.8% increase compared to the ₦609.3 billion recorded in 2023.
The financial statements, released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), highlight GTCO’s performance across key metrics. Its growth was driven by a well-diversified revenue base, sound risk management, and disciplined capital allocation.
Key highlights from the 2024 financial year include:
Loan book growth: Net loans increased by 12.3%, from ₦2.48 trillion in December 2023 to ₦2.79 trillion in December 2024.
Deposit liabilities: Grew by 37.8%, rising from ₦7.55 trillion to ₦10.40 trillion.
Total assets and shareholders’ funds: Closed at ₦14.8 trillion and ₦2.7 trillion, respectively.
Capital adequacy ratio (CAR): Ended at a robust 39.3%.
Asset quality: IFRS 9 Stage 3 loans stood at 3.5% at the Bank level and 5.2% at the Group level, reflecting sustained asset quality.
Commenting on the results, GTCO’s Group Chief Executive Officer, Segun Agbaje, expressed confidence in the Group’s strategy and execution.
“Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive,” Mr Agbaje said.
He highlighted the group’s commitment to innovation, efficiency, and shareholder value, emphasising that GTCO is well-positioned for sustainable profitability. Agbaje also announced a total dividend of ₦8.03 per share for the financial year, reflecting GTCO’s tradition of increasing dividend payouts annually.
GTCO reported standout metrics in the Nigerian financial services industry, including a pre-tax return on equity (ROAE) of 60.5%, pre-tax return on assets (ROAA) of 10.3%, and a cost-to-income ratio of 24.1%.
Looking ahead, Agbaje outlined plans to leverage technology and deepen customer relationships to unlock new opportunities across GTCO’s business verticals, including banking, funds management, pensions, and payments.
