x

Guaranty Trust Holding Company Plc Reports Impressive Profit Growth to N327.4bn, with Total Assets Reaching N8.5tn

By Daniel Edu

Guaranty Trust Holding Company Plc (GTCO) has announced a remarkable performance in its financials for the first half of 2023, reporting a profit before tax of N327.4 billion. This significant achievement is highlighted in the audited consolidated and separate financial statements for the period ending June 30, 2023, as disclosed to the Nigerian Exchange Group and London Stock Exchange.

The statement revealed that GTCO’s profit before tax surged by an impressive 217.1 percent, soaring from N103.2 billion in the corresponding period of June 2022 to the current figure.

Additionally, the Group’s loan book (net) experienced substantial growth, expanding by 22.8 percent from N1.89 trillion at the end of December 2022 to N2.32 trillion by June 2023. Deposit liabilities also saw significant growth, rising by 37.0 percent from N4.61 trillion in December 2022 to N6.32 trillion by June 2023.

Despite these substantial increases, the Group’s balance sheet remains well-structured and resilient, boasting total assets worth N8.5 trillion and shareholders’ funds of N1.2 trillion.

The capital adequacy ratio, which measures the Group’s ability to absorb losses, remains robust at 24.7 percent. Asset quality also exhibited strength as IFRS 9 Stage 3 loans improved to 4.6 percent in June 2023 from 5.2 percent in December 2022. However, the cost of risk increased to 3.7 percent from 0.6 percent in December 2022, primarily due to worsening economic conditions and increased Expected Credit Loss (ECL) variables.

Commenting on these impressive results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, emphasized the strong fundamentals that underpin the GTCO franchise. He highlighted the positive impact of the company’s strategic decisions in fortifying the balance sheet to withstand challenging economic times. He also noted the company’s commitment to ongoing investments in technology, product development, and personnel.

Mr. Agbaje stated, “We recognize the impact prevailing economic and market conditions have on people and livelihoods, and we remain committed to seeking better outcomes for our customers by ensuring that our products and service offerings support our customers and their businesses through their evolving realities, while also taking every opportunity to optimize stakeholder value.”

Hot this week

Niger Gov to Northerners: Power Will Return to North in 2031 After Tinubu

By Achadu Gabriel, Kaduna Governor Mohammed Bago of Niger State...

Again, Gunmen Kill Six in Bokkos LGA of Plateau

By Israel Adamu, Jos Gunmen on Sunday night killed six...

Plateau Drugs Agency, LGAs to Tackle Fake and Substandard Products

By Israel Adamu, Jos The Director General of the Plateau...

Gov Ododo Condemns Egbe Bandits’ Attack, Vows Justice for Fallen Heroes

By Noah Ocheni, Lokoja Kogi State Governor, Alhaji Ahmed Usman...

Global Spotlight: Daybreak Publisher Clinches Silk Road News Award

The publisher and editor-in-chief of daybreak Nigeria newspaper, Dr....

A’ibom committed to industrial Cluster Development

By Ogenyi Ogenyi, Uyo Akwa Ibom State government has restated...

Pilgrimage Is Spiritual Exercise, Not Jamboree, NCPC Boss Warns Intending Pilgrims

By Joyce Remi-Babayeju As intending pilgrims depart Abuja on Monday...

Wike Lauds President Tinubu for lifting Rivers emergency rule

By Joyce Remi-Babayeju Minister of the Federal Capital Territory (FCT),...

Nigerian journalist wins Silk Road Global News Award

By Micheal Onjewu with Agency Report The publisher and editor-in-chief...

A’Ibom Commissioner seeks royal support for voter registration, Gov Eno’s Arise Project

By Ogenyi Ogenyi,Uyo Traditional leaders in Akwa Ibom have been...

Prof. Usman Ogbo Moves to Curb Rumoured Protest Over Fee Hike in Kogi Poly

By Noah Ocheni, Lokoja The management of Kogi State Polytechnic,...

New Green Empowerment Initiative Visits Sokoto Education Ministry

By Muhammad Ibrahim, Sokoto The New Green Empowerment Initiative (NGEI)...

Related Articles

Popular Categories

spot_imgspot_img