GTCO Posts N169.7bn PBT In Q3

Guaranty Trust Holding Company Plc (GTCO) has posted profit before tax of N169.7 billion for the third quarter (Q3) period ended September 30, 2022.

The Holding company unaudited results released on the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) showed that Group profit before tax increased by 11.7 per cent from N151.9 billion at Q3, 2021 to N169.7 billion under the period review.

The Group’s loan book (net) increased by 2.2 per cent from N1.80 trillion recorded as at December 2021 to N1.84 trillion in September 2022, while deposit liabilities increased by 6.4 per cent from N4.13 trillion in December 2021 to N4.39 trillion in September 2022

The group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.81 trillion and N872.8 billion, respectively. Strong Capital Ratios and Asset Quality were sustained as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7 per cent, 5.6 per cent, and 0.2 per cent in September 2022 from 23.8 per cent, 6.0 per cent, and 0.5 per cent in December 2021, respectively.

Speaking on the results, the group chief executive officer of GTCO, Mr. Segun Agbaje, said: “the group’s Q3 result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our operating environment.

“We have also kept in focus our vision of supporting small and medium enterprises specifically through our free business platforms to help them stay in business and expand their offerings.