…Reports Profit Before Tax of ₦103.2billion
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of ₦103.2billion, representing an increase of 11.0% over ₦93.1billion recorded in the corresponding period ended June 2021. The Group’s loan book (net) increased by 1.8% from ₦1.80trillion recorded as at December 2021 to ₦1.83trillion in June 2022 while deposit liabilities increased by 6.4% from ₦4.13trillion in December 2021 to ₦4.39trillion in June 2022.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦5.7trillion and ₦845.7billion, respectively. Full Impact Capital Adequacy Ratio (CAR) stayed very strong, closing at 22.0%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 6.2% and 0.2% in June 2022 from 6.0% and 0.5% in December 2021, respectively.
He further stated that “These newly created businesses will operate alongside our flagship banking franchise to offer increased value to our growing customer base as well as other stakeholders. We will continue to build on our core strengths of service excellence, innovation, and flawless execution to deliver our corporate objectives for the year and further our vision of being Africa’s leading 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 23.9%, Pre-Tax Return on Assets (ROAA) of 3.7%, Full Impact Capital Adequacy Ratio (CAR) of 22.0% and Cost to Income ratio of 49.1%.
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 ₦5.7trillion 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 has 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.