Guaranty Trust Holding Company Plc (GTCO) has announced a landmark achievement in its 2024 Half-Year Audited Financial Results, reporting a profit before tax of ₦1.004 trillion. This marks the first time a Nigerian financial institution has crossed the ₦1 trillion mark in profit, reflecting a remarkable 206.6% increase from ₦327.4 billion recorded in the same period last year.
The Group’s financial performance for the period ended June 30, 2024, reveals significant growth across its core metrics. GTCO’s net loan book surged by 25.5%, climbing from ₦2.48 trillion as of December 2023 to ₦3.11 trillion. Deposit liabilities also saw a notable increase of 39.8%, rising from ₦7.55 trillion to ₦10.55 trillion within the same timeframe.
The Group’s total assets and shareholders’ funds reached ₦14.5 trillion and ₦2.4 trillion, respectively. The Capital Adequacy Ratio (CAR) remained robust at 21.0%, and asset quality improved, with IFRS 9 Stage 3 Loans slightly increasing to 4.3% from 4.2% and Cost of Risk (COR) improving to 1.6% from 4.5%.
Mr. Segun Agbaje, Group Chief Executive Officer of GTCO, expressed pride in the Group’s performance amidst a challenging economic environment. “Our record profit in the first half of the year demonstrates the resilience and adaptability of our business model. We are committed to leveraging our strengths across Banking, Funds Management, Pension, and Payments to drive sustainable growth and value for our stakeholders.”
GTCO’s exceptional performance is underscored by its industry-leading financial ratios, including a Pre-Tax Return on Equity (ROAE) of 103.6%, Pre-Tax Return on Assets (ROAA) of 16.6%, and a Cost to Income ratio of 16.7%. The Group continues to set benchmarks in the Nigerian financial services sector, reinforcing its status as a leading financial institution in Africa.
Headquartered in Lagos, GTCO operates across 10 countries in Africa and the United Kingdom, maintaining a strong presence in both banking and financial services. The Group has been recognized with numerous accolades, including Euromoney’s Best Bank in Nigeria and Global Brands Magazine’s Best Banking Brand in Nigeria.