Guaranty Trust Holding Company Plc reports N74.1bn Profit Before Tax for Q1 2023
Guaranty Trust Holding Company Plc (GTCO) announced a Profit Before Tax (PBT) of N74.1 billion for the period ended March 31. The bank disclosed this in its unaudited consolidated and separate financial statements for the period under review, presented to the Nigerian Exchange Ltd. (NGX) and London Stock Exchange. The financial statement showed that the amount represented a 36.5% increase over N54.3 billion recorded in the corresponding period of March 2022.
It added that the group’s loan book (net) decreased by 1.5% from N1.88 trillion recorded as of December 2022 to N1.86 trillion in March 2023. The bank’s deposit liabilities increased by 9.9% from N4.61 trillion in December 2022 to N5.07 trillion in March 2023.
The group’s balance sheet remained well-structured and resilient with total assets and shareholders’ funds closing at N6.7 trillion and N975.6 billion, respectively. It also said that the Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2%. Meanwhile, asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4% and 0.2% in March 2023, up from 5.2% and 0.6% in Dec. 2022, respectively.
GTCO’s Group Chief Executive Officer, Mr Segun Agbaje, said the company’s first-quarter results reflect the strength of the GTCO’s franchise. He noted that the results also demonstrated the quality of the bank’s decision-making and the unfolding success of its efforts towards becoming a leading financial services company in Africa. Despite severe headwinds, GTCO delivered a decent performance and recorded growth across key revenue lines.
Agbaje further stated that the year 2023 was shaping up to be another interesting year, with challenges from the past few years still lingering and uncertainties ahead that would test the resilience of most economies and businesses. He, however, expressed confidence in the positioning of GTCO as a thriving financial services company underpinned by strong business fundamentals and assured that the company would continue to benefit from a well-diversified earnings base.
Overall, the group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios. It posted a Pre-Tax Return on Equity (ROAE) of 31.1%, Pre-Tax Return on Assets (ROAA) of 4.5%, Full Impact Capital Adequacy Ratio (CAR) of 23.2%, and Cost to Income ratio of 43.1%.
GTCO is a leading financial services group with banking operations in Nigeria, West and East Africa, United Kingdom, alongside new businesses in Payment, Funds Management, and Pension Fund Administration.
https://www.vanguardngr.com/2023/05/guarantee-trust-holding-records-n74-1bn-profit-before-tax/
