Guaranty Trust Holding Company Plc (GTCO) has released its unaudited result and accounts for nine months ended September 30, 2022 with N169.7billion profit before tax, an increase of 12 per cent from N151.9billion recorded in the corresponding nine months ended September 2021.
The financial institution in its announcement on the Nigerian Exchange Limited (NGX) reported N130.35billion profit after tax in nine months of 2022, representing an increase of 0.73per cent from N129.4billion reported in nine months of 2021.
The Group’s loan book (net) increased by 2.2 per cent from N1.80trillion recorded as at December 2021 to N1.84trillion in September 2022, while deposit liabilities increased by 6.4per cent from N4.13trillion in December 2021 to N4.39trillion in September 2022.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.81trillion and N872.8billion, respectively.
Strong Capital Ratios and asset quality were sustained as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7per cent, 5.6per cent, and 0.2per cent in September 2022 from 23.8per cent, six per cent, and 0.5per cent in December 2021, respectively.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, in a statement said, “The Group’s 3rd quarter 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.
“With our non-banking businesses fully operational alongside our core banking subsidiary, we are well positioned to maximise our earnings potential going into the 4th quarter of the year.”
He further stated; “In creating a thriving financial services ecosystem, our goal is to offer great experiences to all who interact with our brand whilst continually enhancing access to innovative financial solutions for individuals and businesses across Africa.
“We are appreciative of all our customers and other stakeholders who are with us on this journey of building a truly global African financial services institution.”
Overall, the Group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios.
Take for instance, GTCO’s pre-tax Return on Equity (ROAE) closed nine months of 2022 at 25.8per cent, Pre-Tax Return on Assets (ROAA) at four per cent, while Cost to Income ratio closed at 45.1 per cent.
SOURCE: https://www.thisdaylive.com/index.php/2022/10/28/gtco-declares-n169-7bn-profit-before-tax-in-9-months/
