Guaranty Trust Holding Company Plc (GTCO) Group has posted a Profit Before Tax (PBT) of ₦609.3 billion in its 2023 operations against ₦214.2 billion achieved in the corresponding period in 2022.
Specifically, its audited result for 2023 showed 184.5 per cent rise in PBT to N609.3 billion, up from ₦214.2 billion recorded in 2022 while its loan book (net) also increased by 31.5 per cent from ₦1.89 trillion recorded to ₦2.48 trillion.
Its deposit liabilities grew by 63.7 per cent from ₦4.61 trillion in December 2022 to ₦7.55trillion in December 2023.
The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at ₦9.7 trillion and ₦1.5 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) stood at 21.9 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.2 per cent in December 2023 from 5.2 per cent December 2022.
However, Cost of Risk (COR) closed at 4.5 per cent from 0.6 per cent in December 2022 owing to worsening macro-economic challenges, which caused significant increase in ECL variables.
The Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals.
He pointed out that harnessing the group’s synergies yielded a strong performance, as it enabled the bank to strengthen its foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.
“Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld. In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.
“As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders,” he said.
Overall, the Group’s Pre-Tax Return on Equity (ROAE) stood at 50.6 per cent while Pre-Tax Return on Assets (ROAA) is 7.6 per cent. Also, Full Impact Capital Adequacy Ratio (CAR) stood at 21.9 per cent. Cost to Income ratio also settled at 29.1 per cent.
