GTCO posts N1 trillion half-year profit

Guaranty Trust Holding Company Plc (Group) has achieved a Profit Before Tax (PBT) of N1.004 trillion in its half-year operations to become the first Nigerian financial institution to cross the N1 trillion mark in profit.

The figure represented an increase of 206.6 per cent over N327.4 billion recorded in the corresponding period in 2023. According to the bank, the group’s loan book (net) increased by 25.5 per cent from N2.48 trillion recorded as of December 2023 to N3.11 trillion in June 2024, while deposit liabilities grew by 39.8 per cent from N7.55 trillion in December 2023 to N10.55 trillion in June 2024.

The Group recorded growth across all its asset lines and continued to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions wherein it operated a Banking franchise as well as across its payments, pension and funds management business verticals with total assets and shareholders’ funds closing at N14.5 trillion and N2.4 trillion, respectively.

Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 21.0 per cent, while asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans, which closed at 4.3 per cent in June 2024 from 4.2 per cent in December 2023 and improvement in Cost of Risk (COR) to 1.6 per cent from 4.5 per cent in December 2023.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “We are immensely proud of the progress we have made as a leading financial holding company. Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model.

“We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–Banking, Funds Management, Pension, and Payments–for rapid growth across key markets.”