GTCO Reports Impressive Q3 2023 Unaudited Results With N433.2b Profit Before Tax
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Guaranty Trust Holding Company Plc, known as GTCO, has unveiled its Unaudited Consolidated and Separate Financial Statements for the period ending September 30, 2023. The report, submitted to both the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), reveals robust financial performance for the third quarter of the year.
The Group achieved a remarkable profit before tax of ₦433.2 billion, marking a substantial increase of 155.2% compared to ₦169.7 billion in the corresponding period of September 2022. Key highlights of the financial results include:
Despite this rapid growth, the Group’s balance sheet remained well-structured and resilient, with total assets and shareholders’ funds closing at ₦8.6 trillion and ₦1.3 trillion, respectively. The Full Impact Capital Adequacy Ratio (CAR) remained very strong at 25.1%. Asset quality improved as IFRS 9 Stage 3 Loans decreased to 3.8% in September 2023 from 5.2% in December 2022, although the Cost of Risk (COR) increased to 4.1% from 0.6% in December 2022 due to conservative provisioning.
Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, commented on the results, stating that the third-quarter performance reaffirms the Group’s strategic position as a leading Financial Holding Company and its ability to navigate challenges effectively. He emphasized the Group’s commitment to enhancing customer experience, expanding its financial services ecosystem, and maximizing shareholder value.
Mr. Agbaje also highlighted the Group’s dedication to promoting enterprise across Africa, particularly supporting small businesses. He announced the 6th Edition of the GTCO Fashion Weekend scheduled for November 11-12, 2023, in Lagos, Nigeria. This event will provide a platform for entrepreneurs in the Nigerian fashion retail space to showcase their talents and creativity to a global audience.
GTCO continues to excel in key financial ratios, boasting a 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%, and a Cost to Income ratio of 29.7%.
Guaranty Trust Holding Company Plc is a leading financial services group with a broad presence in Nigeria, West Africa, East Africa, and the United Kingdom. In addition to its banking operations, it has diversified into Payment, Funds Management, and Pension Fund Administration. The Group’s dedication to empowering people and communities has earned it numerous prestigious awards. Recently, Guaranty Trust Bank received recognition as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, among other accolades. It is also featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.
