GTCO Plc post Profit Before Tax of N433.2bn in Q3 unaudited results
Guaranty Trust Holding Company (GTCO) has released its unaudited financial reported for the period ended September 30, 2023, reporting profit before tax of N433.2billion.
The amount represents an increase of 155.2 per cent over N169.7 billion recorded in the corresponding period of last year.
The Group’s loan book (net) grew by 17.7 per cent from N1.89 trillion recorded as at December 2022 to N2.22 trillion in September 2023, while deposit liabilities increased by 37.9 per cent from N4.61trillion in December 2022 to N6.36 trillion in September 2023.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N8.6 trillion and N1.3 trillion, respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1per cent, while asset quality was sustained as IFRS nine Stage three Loans improved to 3.8 per cent in September 2023 from 5.2 per cent December 2022, however, Cost of Risk (COR) closed at 4.1 per cent from 0.6 per cent in December 2022 owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; “Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment. Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value.”
He further said; “We are proud of our work towards Promoting Enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through our consumer-focused fairs. The 6th Edition of the GTCO Fashion Weekend is scheduled to hold in Lagos, Nigeria, on 11/12 November 2023, and will give entrepreneurs in the Nigerian fashion retail space a free-business platform to showcase their diverse talents and creativity to a global audience.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 52.4 per cent, Pre-Tax Return on Assets (ROAA) of 7.7 per cent, Full Impact Capital Adequacy Ratio (CAR) of 25.1 per cent and Cost to Income ratio of 29.7 per cent.
