Guaranty Trust Holding Company Plc in its released its unaudited consolidated and separate financial statements for the period ended March 31, 2022, has reported a marginal increase in its profit before tax.
According to the financial statement submitted to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), the Group reported profit before tax of N54.3 billion, representing an increase of 1.1 per cent over N53.7 billion recorded in the corresponding period of March 2021.
However, due to higher tax expenses in the period under review, N11.1 billion as against N8.1 billion in Q1 of 2021 mostly due to a deferred tax payment, the profit-after-tax fell to N43.2 billion from N45.6 billion.
FX translation of the FCY loan book led to a drop in the Group’s net loans by 4.7 per cent from N1.80 trillion recorded as of December 2021 to N1.72 trillion in March 2022. Deposit liabilities however grew by 0.7 per cent from N4.13 trillion in December 2021 to N4.16 trillion in March 2022.
The Group’s Balance Sheet remained well structured and resilient with Total Assets and Shareholders’ funds closing at N5.50 trillion and N908.8 billion, respectively.
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Strong Capital Ratios and Asset Quality was sustained as CAR, NPL ratio and Cost of Risk (COR) closed at 22.9 per cent, 5.9 per cent and 0.1 per cent in March 2022 from 23.8 per cent, 6.0 per cent and 0.5 per cent in December 2021, respectively.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said the first-quarter results of the bank showed a decent improvement across key revenue lines as well as other financial metrics, which demonstrates the ability to effectively navigate the evolving business landscape anchored on our strong business fundamentals.
“With this performance, we are optimistic about the rest of 2022 as we rapidly consolidate the gains of our new holding company structure to deliver superior Stakeholder value. Importantly, our non-banking businesses including Pension Management, Wealth Management and Payments will serve to diversify our earnings capacity as we look to create a model financial services ecosystem for all of Africa. As a Group, we are fully committed to providing innovative financial solutions whilst constantly delivering best-in-class customer experiences in line with our long-term strategy,” he said.
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