The Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE) have received the audited financial accounts of Guaranty Trust Holding Company Plc (GTCO) for the fiscal year that ends on June 30, 2024.CONTINUE FULL READING>>>>>
The group made history as the first Nigerian financial institution to surpass N1 trillion in profit, reporting a pre-tax profit of N1.004 trillion. This is a significant 206.6% increase from the N327.4 billion recorded in the same period ending June 2023.
According to BUSINESSDAY, the group’s financial statement on the Nigerian Exchange (NGX) revealed a 39.8% rise in deposit liabilities, from N7.55 trillion in December 2023 to N10.55 trillion in June 2024. Additionally, its net loan book grew by 25.5%, from N2.48 trillion in December 2023 to N3.11 trillion. With total assets reaching N14.5 trillion and shareholders’ funds at N2.4 trillion, the group has shown growth across all asset categories, maintaining a strong, diversified balance sheet across its banking operations as well as its Payments, Pension, and Funds Management divisions.
The group maintained strong asset quality, with IFRS 9 Stage 3 Loans slightly increasing to 4.3% in June 2024 from 4.2% in December 2023. This reflects the group’s solid financial health, with a Capital Adequacy Ratio (CAR) holding steady at 21%. Additionally, the Cost of Risk (COR) saw a significant drop from 4.5% in December 2023 to 1.6%, further highlighting its stability.
Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, expressed pride in the company’s progress, stating,
“We are immensely proud of the progress we have made as a leading financial holding company. Despite uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model. We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders, while positioning all our business verticals—Banking, Funds Management, Pension, and Payments—for rapid growth across key markets.”
The Group consistently delivers some of the strongest financial ratios in Nigeria’s financial sector. This includes a remarkable 103.6% Pre-Tax Return on Equity (ROAE), 16.6% Pre-Tax Return on Assets (ROAA), a solid 21% Full Impact Capital Adequacy Ratio (CAR), and an efficient Cost-to-Income ratio of 16.7%.CONTINUE FULL READING>>>>>
