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GTCO declares N1tn profit

GTCO

 

Guaranty Trust Holding Company Plc is the first Nigerian financial institution to report a profit before tax of N1tn in six months.

The financial giant’s profit represents a 206.6 per cent increase from the N327.4bn recorded in the same period last year.

GTCO’s half-year 2024 financial statement, submitted to the Nigerian Exchange Group and London Stock Exchange, showed growth across all asset lines.

Its loan book grew by 25.5 per cent to N3.11tn from N2.48tn in December, while deposit liabilities rose by 39.8 per cent to N10.55tn, as total assets stood at N4.5tn and shareholders’ funds at N2.4tn.

GTCO’s capital adequacy ratio was 21.0 per cent, while asset quality was sustained, with IFRS 9 Stage 3 Loans slightly increasing to 4.3 per cent in June 2024 from 4.2 per cent in December.

The Cost of Risk improved, dropping to 1.6 per cent from 4.5 per cent.

Speaking on the results, the Group CEO of GTCO, Segun Agbaje, expressed pride in the company’s performance, stating, “Despite uncertainties in the operating environment, our highest-ever profit demonstrates the resilience and adaptability of our business model. We remain optimistic about the future and are committed to leveraging our strengths to create sustainable value for all our stakeholders.”

The group posted a pre-tax return on equity of 103.6 per cent, a pre-tax return on assets of 16.6 per cent, and a cost-to-income ratio of 16.7 per cent.

As one of Africa’s largest financial institutions, headquartered in Lagos, GTCO operates in 10 countries across Africa and the UK.

The PUNCH reports GTCO reported a 587.5 per cent growth in its profit before tax of N509.3bn in the first quarter that ended March 2024 compared to the same quarter in 2023.

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