Guaranty Trust Holding Company Plc Reports Impressive 3Q 2023 Financial Results

Guaranty Trust Holding Company Plc, often referred to as GTCO, has unveiled its Unaudited Consolidated and Separate Financial Statements for the period concluding on September 30, 2023, to both the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE).

The Group has reported a robust profit before tax of ₦433.2 billion, reflecting a remarkable increase of 155.2% compared to the ₦169.7 billion recorded in the corresponding period ending in September 2022.

Key Highlights of the Financial Results

  • The Group’s loan book (net) has surged by 17.7%, growing from ₦1.89 trillion as of December 2022 to ₦2.22 trillion by September 2023.
  • Deposit liabilities have shown substantial growth, climbing by 37.9% from ₦4.61 trillion in December 2022 to ₦6.36 trillion in September 2023.
  • The Group’s balance sheet maintains its strong and resilient structure, with total assets and shareholders’ funds standing at ₦8.6 trillion and ₦1.3 trillion, respectively.
  • The Full Impact Capital Adequacy Ratio (CAR) remains notably robust, concluding at 25.1%.
  • Asset quality has been sustained, with IFRS 9 Stage 3 Loans improving to 3.8% in September 2023, compared to 5.2% in December 2022. However, the Cost of Risk (COR) has risen to 4.1% from 0.6% in December 2022, primarily due to the Management’s prudent approach to provisioning, particularly in the face of worsened macroeconomic conditions, impacting ECL variables.

Insights from the Group CEO

In response to these impressive results, Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, shared his thoughts:

“Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment. Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximize shareholder value.”

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He further added, “We are proud of our work towards Promoting Enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through our consumer-focused fairs. The 6th Edition of the GTCO Fashion Weekend is scheduled to be held in Lagos, Nigeria, on 11/12 November 2023, and will provide entrepreneurs in the Nigerian fashion retail space a free-business platform to showcase their diverse talents and creativity to a global audience.”

Impressive Financial Metrics

Guaranty Trust Holding Company Plc continues to set remarkable benchmarks in the Nigerian Financial Services industry, boasting impressive financial ratios, including:

  • Pre-Tax Return on Equity (ROAE) of 52.4%
  • Pre-Tax Return on Assets (ROAA) of 7.7%
  • Full Impact Capital Adequacy Ratio (CAR) of 25.1%
  • Cost to Income ratio of 29.7%

About Guaranty Trust Holding Company Plc (GTCO)

GTCO is a prominent financial services group with a strong presence in Nigeria, West Africa, East Africa, and the United Kingdom. The company has diversified into various areas, including banking operations, Payment, Funds Management, and Pension Fund Administration.

GTCO has consistently demonstrated leadership in the banking industry, with a strong commitment to empowering individuals and communities. The company’s dedication and excellence have earned it several prestigious awards, including recognition as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance.

Guaranty Trust Bank, a subsidiary of GTCO, is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

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