GTCO Posts N74bn Pre-tax Profit In Q1

The Guaranty Trust Holding Company(GTCO) has reported profit before tax of N74.1 billion in its unaudited financial results for the first quarter ended March 31, 2023.

The Holding Company’s Q1 results was released on the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The group reported profit before tax of N74.1 billion, representing an increase of 36.5 per cent over N54.3 billion recorded in the corresponding period ended March 2022. 

The group’s loan book (net) dipped by 1.5 per cent from N1.88 trillion recorded as at December 2022 to N1.86 trillion in March 2023, while deposit liabilities increased by 9.9 per cent from N4.61 trillion in December 2022 to N5.07 trillion in March 2023. 

The group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N6.7 trillion and N975.6 billion, respectively. 

RELATED

Presco Grows Pre-tax Profit By 121.8% To N111.9bn

6 hours ago

Nigerian Breweries Records N738.14bn Revenue

6 hours ago

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4 per cent and 0.2 per cent in March 2023 from 5.2 per cent and 0.6 per cent in December 2022, respectively.

Speaking on the results, the group chief executive officer of GTCO, Mr. Segun Agbaje, said: “our first quarter results reflect the strength of the GTCO franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa.”

He stated that, “despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines. We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.”  

Agbaje added that, “2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses. 

“We are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios, Pre-Tax Return on Equity (ROAE) of 31.1 per cent, Pre-Tax Return on Assets (ROAA) of 4.5 per cent, Full Impact Capital Adequacy Ratio (CAR) of 23.2 per cent and Cost to Income ratio of 43.1 per cent.