Guaranty Trust Holding Company Plc (GTCO) has released its audited financial statements for the period ended June 30, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The group reported profit before tax of ₦1.004trilion.
This milestone figure represents an increase of 206.6% over ₦327.4billion recorded in the corresponding period ended June 2023. The group’s loan book (net) increased by 25.5% from ₦2.48trillion recorded as at December 2023 to ₦3.11trillion in June 2024, while deposit liabilities grew by 39.8% from ₦7.55trillion in December 2023 to ₦10.55trillion in June 2024.
The group recorded growth across all its asset lines and continues to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions wherein it operates a banking franchise as well as across its payments, pension and funds management business verticals with total assets and shareholders’ funds closing at ₦14.5trillion and ₦2.4trillion, respectively. Capital adequacy ratio (CAR) closed at 21.0%, while asset quality was sustained as evidenced by IFRS 9 stage 3 loans which closed at 4.3% in June 2024 from 4.2% in December 2023 and improvement in cost of risk (COR) to 1.6% from 4.5% in December 2023.
Commenting on the results, the group chief executive officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “We are immensely proud of the progress we have made as a leading financial holding company. Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model.
“We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–Banking, Funds Management, Pension, and Payments–for rapid growth across key markets.”
GTCO maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
