GTB Posts N1.2trn Profit, Proposes N8.03 Dividend Payout

Guaranty Trust Holding Company Plc has released its Audited Consolidated Report for the year ended December 31, 2024, posting a profit before tax of N1.266 trillion as the board proposed a dividend payout of N8.03 per share to shareholders.

The holding company’s financials released on the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), showed a 107.8 per cent increase in profit before tax compared to N609.3 billion that was recorded for the 2023 financial year.

According to the financials posted, the group recorded growth across all financial and non-financial metrics, as its net loan book increased by 12.3 per cent from N2.48 trillion in December 2023 to N2.79 trillion in December 2024, while deposit liabilities grew by 37.8 per cent from N7.55 trillion to an10.40 trillion during the same period. Total assets and shareholders’ funds closed at N14.8 trillion and N2.7 trillion, respectively.

Capital Adequacy Ratio (CAR) stood at 39.3 per cent likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5 per cent at Bank Level and 5.2 per cent at Group in December 2024 (2023: Bank, 2.5 per cent; Group, 4.2 per cent ) and cost of risk (COR) closed at 4.9 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 (GTCO Plc), Segun Agbaje, said: “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive.

“Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution. We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.

He furthered “The total dividend of N8.03 kobo for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year. Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability.

“We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create more value for our shareholders.”

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 60.5 per cent, Pre-Tax Return on Assets (ROAA) of 10.3 per cent, Capital Adequacy Ratio (CAR) of 39.3 per cent and Cost to Income ratio of 24.1 per cent.