Guaranty Trust Holding Company Plc (GTCO) has released its audited financial results for the year ended December 31, 2024, reporting a profit before tax of ₦1.266 trillion, a 107.8% increase from ₦609.3 billion recorded in 2023. The company also announced a total dividend payout of ₦8.03 per share for the 2024 financial year, reinforcing its commitment to rewarding shareholders.
The financial report, submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), highlighted significant growth in key performance indicators. The Group’s loan book (net) rose by 12.3% from ₦2.48 trillion in December 2023 to ₦2.79 trillion in December 2024, while deposit liabilities surged by 37.8% to ₦10.40 trillion from ₦7.55 trillion. Total assets closed at ₦14.8 trillion, with shareholders’ funds standing at ₦2.7 trillion.
GTCO’s Capital Adequacy Ratio (CAR) remained strong at 39.3%, while asset quality was maintained, with IFRS 9 Stage 3 Loans closing at 3.5% at the bank level and 5.2% at the group level. The cost of risk stood at 4.9%, slightly up from 4.5% in December 2023.
Commenting on the results, GTCO’s Group Chief Executive Officer, Segun Agbaje, attributed the company’s performance to a diversified revenue base, strong asset quality, and cost efficiency. He noted that the company had prudently provided for all forbearance loans ahead of the June 2025 deadline while fully accounting for the windfall tax, further strengthening its financial position.
“Our strong performance for 2024 underscores the resilience and depth of our business, driven by well-diversified earnings across our banking and non-banking subsidiaries, all of which are profit-positive,” Agbaje stated. “Looking ahead, we remain committed to innovation, operational efficiency, and sustainable profitability. We will continue to deepen customer relationships, leverage technology for cutting-edge financial solutions, and expand our business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities.”
GTCO continues to maintain industry-leading financial metrics, including a pre-tax Return on Equity (ROAE) of 60.5%, a pre-tax Return on Assets (ROAA) of 10.3%, and a Cost to Income Ratio of 24.1%.
GTCO is a leading financial services group with operations across Africa and the United Kingdom, offering banking and non-banking services, including payments, funds management, and pension administration. The company remains focused on long-term value creation for stakeholders while driving economic growth and development in its markets.