Guaranty Trust Holding Company Plc (GTCO or the Group) has unveiled its Unaudited Consolidated and Separate Financial Statements for the period ending March 31, 2024, demonstrating an exceptional performance in key financial metrics. The Group reported a remarkable profit before tax of ₦509.3 billion, showcasing a staggering increase of 587.5% compared to ₦74.1 billion recorded in the same period in 2023.
During the quarter, the Group’s loan book (net) surged by 21.9%, reaching ₦3.02 trillion from ₦2.48 trillion recorded in December 2023. Similarly, deposit liabilities witnessed a substantial increase of 26.0%, soaring from ₦7.55 trillion in December 2023 to ₦9.51 trillion by March 2024.
Despite the challenging economic environment, GTCO’s balance sheet remained robust, diversified, and resilient, with total assets and shareholders’ funds standing at ₦13.0 trillion and ₦2.0 trillion, respectively. The Group maintained a Full Impact Capital Adequacy Ratio (CAR) of 24.9%, indicating its strong financial position. Furthermore, the asset quality improved significantly as IFRS 9 stage 3 loans decreased to 3.1% in March 2024 from 4.2% in December 2023, while the cost of risk (COR) reduced to 0.4% from 4.5% during the same period.
Commenting on the outstanding results, Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, expressed confidence in the Group’s performance and strategic direction. He emphasized the Group’s commitment to delivering long-term value to stakeholders while providing innovative products and services to meet customers’ needs effectively.
Mr. Agbaje highlighted the Group’s focus on strengthening customer relationships and supporting communities through various initiatives, reinforcing its position as a leading financial services provider in Africa.
GTCO continues to maintain impressive financial ratios, including pre-tax return on equity (ROAE) of 117.0%, pre-tax return on assets (ROAA) of 18.0%, and cost-to-income ratio (CIR) of 16.3%, underscoring its leadership in the Nigerian financial services industry.
GTCO, a renowned financial services group, operates banking operations in Nigeria, West Africa, East Africa, and the United Kingdom, alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. The Group’s commitment to excellence and community empowerment has earned it numerous prestigious awards, further solidifying its position as a top-tier financial institution.
For its outstanding performance, Guaranty Trust Bank, a subsidiary of GTCO, was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, among other accolades.