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Home Companies Corporate Updates

GTCO Plc Releases 2022 Q3 Unaudited Results

...Reports Profit Before Tax of ₦169.7billion

NM Partners by NM Partners
October 27, 2022
in Corporate Updates
GTCO Plc
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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦169.7billion, representing an increase of 11.7% over ₦151.9billion recorded in the corresponding period ended September 2021. The Group’s loan book (net) increased by 2.2% from ₦1.80trillion recorded as of December 2021 to ₦1.84trillion in September 2022, while deposit liabilities increased by 6.4% from ₦4.13trillion in December 2021 to ₦4.39trillion in September 2022

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦5.81trillion and ₦872.8billion, respectively. Strong Capital Ratios and Asset Quality were sustained as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7%, 5.6%, and 0.2% in September 2022 from 23.8%, 6.0%, and 0.5% in December 2021, respectively.

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Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “The Group’s 3rd quarter result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our operating environment. We have also kept in focus our vision of supporting small and medium enterprises specifically through our free business platforms to help them stay in business and expand their offerings. With our non-banking businesses fully operational alongside our core banking subsidiary, we are well positioned to maximise our earnings potential going into the 4th quarter of the year.”

He further stated; “In creating a thriving financial services ecosystem, our goal is to offer great experiences to all who interact with our brand whilst continually enhancing access to innovative financial solutions for individuals and businesses across Africa. We are appreciative of all our customers and other stakeholders who are with us on this journey of building a truly global African financial services institution.”

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 25.8%, Pre-Tax Return on Assets (ROAA) of 4.0%, Full Impact Capital Adequacy Ratio (CAR) of 20.7% and Cost to Income ratio of 45.1%.

GTCO Plc is a fully-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including payment, funds management, and pension fund management. With ₦5.8trillion in assets and over 28 million customers, the Group remains one of the most profitable and best-managed financial services companies out of Nigeria providing commercial banking services and non-banking financial services across eleven countries. Its leadership in the banking industry and efforts at empowering people and communities have earned it many prestigious awards over the years including Best Banking Group in Nigeria and Most Innovative Bank in Nigeria at the 2022 World Finance Banking Awards. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2022 ranking of The Brand Africa 100: Africa’s Best Brands.

Tags: Guaranty Trust Holding Company PlcLondon Stock ExchangeLSENGXNigerian Exchange Group
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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