GTCO posts N509.3b Q1 profit

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GUARANTY Trust Holding Company Plc ( GTCO) posted a profit before tax ( PBT) of N509.3 billion in its First quarter ( Q1), 2024 operations, against N74.1 billion achieved in the corresponding period in 2023.

The Group's unaudited result showed N509.3 billion, representing an increase of 587.5 per cent over N74.1 billion recorded in the corresponding period ending in March 2023.

The Group’s loan book ( net) increased by 21.9 per cent from N2.48trillion recorded as of December 2023 to N3.02 trillion in March 2024, while deposit liabilities increased by 26 per cent from N7.55trillion in December 2023 to N9.51trillion in March 2024.

The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at

N13 trillion and N2 trillion, respectively.

Full Impact Capital Adequacy Ratio ( CAR) remained very strong, closing at 24.9 per cent, while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1 per cent in March 2024 from 4.2 per cent December 2023 and cost of risk ( COR) closed at 0.4 per cent from 4.5 per cent in December 2023.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from banking and pay - ments to funds management and pension.

“We are positioned to compete effectively on all fronts and fulfill all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non- financial metrics, and we remain on track to meet our full- year guidance."

Agbaje said the bank would continue to focus on strengthening its relationships with customers, supporting not just individuals and businesses but also communities through its free business platforms as well as innovative products and services.

"We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering longterm value to all stakeholders."

The Group pre- tax return on equity ( ROAE) stood at 117 per cent while pre- tax return on assets ( ROAA) closed at 18 per cent. The full impact capital adequacy ratio ( CAR) stood at 24.9 per cent. Cost- to- income ratio ( CIR) also closed at 16.3 per cent.