Guaranty Trust Holding Company Plc (GTCO) in its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2023, has reported profit before tax (PBT) of N433.2 billion, representing an increase of 155.2 percent over N169.7 billion recorded in the corresponding period ended September 2022.
According to the financial statements for the period submitted to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), GTCO made a 181.87 per cent rise in its profit after tax, to N367.42 billion for the period ended September compared to N130.35 billion as of September 2022.
However, the company’s profit after tax (PAT) was N86.93 billion, a 64.68 percent increase from the N52.79 billion recorded in the corresponding period in 2022, while the pre-tax profit of the company was N105.8 billion in Q3 2023, a 59.17 percent increase from the N66.47 billion recorded in Q3 2022.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said the Group’s 3rd Quarter performance underpins strategic positioning as a leading Financial Holding Company and reaffirms 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,” Agbaje said.
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.”
The Group’s loan book grew by 17.7 percent from N1.89 trillion recorded as at December 2022 to N2.22 trillion in September 2023, while deposit liabilities increased by 37.9 percent from N4.61 trillion 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 25.1 percent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8 percent in September 2023 from 5.2 per cent in December 2022, however, Cost of Risk (COR) closed at 4.1 percent from 0.6 percent in December 2022 owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables.
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 percent, Pre-Tax Return on Assets (ROAA) of 7.7 percent, Full Impact Capital Adequacy Ratio (CAR) of 25.1 percent and Cost to Income ratio of 29.7 per cent.
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