GTCO posts ₦1.004tr half year PBT

Becomes first financial institution to cross ₦1tr mark

Guaranty Trust Holding Company Plc (GTCO) has achieved a Profit Before Tax (PBT) of ₦1.004 trillion in its half year operations to become the first Nigerian financial institution to cross the ₦1 trillion mark in profit.
The figure represents an increase of 206.6 per cent over ₦327.4 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 ₦2.48 trillion recorded as at December 2023 to ₦3.11 trillion in June 2024, while deposit liabilities grew by 39.8 per cent from ₦7.55 trillion in December 2023 to ₦10.55 trillion in June 2024.
The Group recorded growth across all its asset lines and continues to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions wherein it operates a banking franchise as well as across its payments, pension and funds management business verticals with total assets and shareholders’ funds closing at ₦14.5 trillion and ₦2.4 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.”
GTCO Guaranty Trust Holding Company Plc is the ultimate holding company of the GTCO Plc Group, one of the largest financial services institutions in Africa. Headquartered in Lagos, Nigeria, Guaranty Trust Holding Company Plc maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.