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Guaranty Trust Holding Company Plc (GTCO), one of Nigeria’s leading financial institutions, has released its audited financial results for the half-year period ended June 30, 2024. In a landmark achievement, GTCO reported a profit before tax (PBT) of ₦1.004 trillion, making it the first Nigerian financial institution to surpass the ₦1 trillion mark. This figure represents a staggering 206.6% increase compared to the ₦327.4 billion recorded in the corresponding period of 2023.
GTCO’s loan book grew by 25.5%, from ₦2.48 trillion in December 2023 to ₦3.11 trillion in June 2024, while its deposit liabilities surged by 39.8%, rising from ₦7.55 trillion in December 2023 to ₦10.55 trillion in June 2024.
The Group continues to strengthen its balance sheet across all sectors, including Banking, Payments, Pension, and Funds Management, with total assets closing at ₦14.5 trillion and shareholders’ funds reaching ₦2.4 trillion. Capital Adequacy Ratio (CAR) remained robust at 21.0%, and the company reported stable asset quality, with IFRS 9 Stage 3 Loans closing at 4.3%, up slightly from 4.2% in December 2023. Additionally, the Cost of Risk (COR) improved significantly, dropping to 1.6% from 4.5%.
Commenting on the results, GTCO Group Chief Executive Officer, Mr. Segun Agbaje, said, “We are immensely proud of the progress we have made as a leading financial holding company. Despite uncertainties in the operating environment, our record profit reflects the resilience and adaptability of our business model. We remain optimistic about the future and are committed to leveraging our strengths across Banking, Funds Management, Pension, and Payments to create sustainable value for all our stakeholders.”
GTCO continues to set industry benchmarks in key financial metrics, with a Pre-Tax Return on Equity (ROAE) of 103.6%, a Pre-Tax Return on Assets (ROAA) of 16.6%, and a Cost to Income ratio of 16.7%.
