An Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2022 has been released by Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of N169.7billion, representing an increase of 11.7% over N151.9billion recorded in the corresponding period ended September 2021. The Group’s loan book (net) increased by 2.2% from N1.80trillion recorded as at December 2021 to N1.84trillion in September 2022, while deposit liabilities increased by 6.4% from N4.13trillion in December 2021 to N4.39trillion in September 2022
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.81trillion and N872.8billion, 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.
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 N5.8trillion 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.
“This is to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment, improve living conditions and implement climate change mitigation.
“This will generate 21 million full-time jobs and lift 35 million people out of poverty by 2025, thus setting the stage for achieving the government’s commitment of lifting 100 million Nigerians out of poverty in 10 years.
“The plans are aimed at accelerating the growth of the transportation sector in the country with a strategic Medium-Term Vision Statement.
“I am well aware that you are all conversant with these high-level goals, as they have become a blueprint for tracking performance towards the delivery of our mandates.
“They have also helped in addressing the bottlenecks militating against the growth of the transportation sector and stimulating domestic growth,” Sambo said.