GTCO posts N214.2b profit, to pay 3.1 full year dividend

Guaranty Trust Holding Company Plc (GTCO) has recorded a profit before tax (PBT) of ₦ 214.2 billion in its 2022 operations, representing 3.3 per cent dip from ₦221.5 billion achieved in the corresponding period in 2021.

The dip is on the back of ₦35.6 billion impairment on Ghanaian sovereign securities.

The group’s loan book (net) increased by 4.6 per cent from ₦1.8 trillion to ₦1.89 trillion while deposit liabilities grew by 11.6 per cent, from ₦4.13 trillion to ₦4.61 trillion within the same period.

Group’s total assets and shareholders’ funds closed at ₦6.45 trillion and ₦931.1 billion, respectively while the capital adequacy ratio (CAR) stood at 24.1 per cent.

The non-performing loan (NPL) ratio improved to 5.2 per cent from six per cent posted in 2021.

However, the cost of risk (COR) inched up marginally to 0.6 per cent in 2022 from 0.5 per cent recorded in the previous year.

Group Chief Executive Officer of the bank, Segun Agbaje, said: “Our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.

“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”

He said 2022 was quite significant to the bank being the first year after its corporate restructuring into a financial holding company, which held in August 2021.

“Today, across our banking, payment, funds management and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.

According to him, the bank will continue to prioritise innovation, service excellence and execute seamlessly toward achieving its vision of leading financial services in Africa.

“Overall, the group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios, that is, pre-tax return on equity (ROAE) of 23.6 per cent, pre-tax return on assets (ROAA) of 3.6 per cent, full impact CAR of 24.1 per cent and cost to income ratio of 48 per cent,” he said.