GTCO records N214bn profit
Guaranty Trust Holding Company Plc reported a profit before tax of N214.2bn, a 3.3% decrease from the N221.5bn reported in the corresponding year ended December 2021.
The Group made the announcement in a statement on its audited consolidated and separate financial statements for the fiscal year ended December 31, 2022, which was published on the Nigerian Exchange Group and the London Stock Exchange.
It stated that this was due to a N35.6bn impairment on Ghanaian sovereign securities.
The Group's net loan book increased by 4.6 percent from N1.80 trillion in December 2021 to N1.89 trillion in December 2022, while deposit liabilities increased by 11.6 percent from N4.13 trillion to N4.61 trillion during the same period.
The Group's balance sheet, according to the statement, remained well-structured and resilient, with total assets and shareholders' funds closing at N6.45tn and N931.1bn, respectively.
"Capital Adequacy Ratio remained very strong, closing at 24.1%," it said. Similarly, asset quality was maintained, with the IFRS 9 Stage 3 Loans ratio (NPLs) falling from 6.0 percent in December 2021 to 5.2 percent in December 2022. However, the cost of risk increased marginally to 0.6 percent in FY-2022 from 0.5 percent in December 2021 due to the impact of worsening macroeconomic conditions on PDs."
Mr Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, commented on the results, saying, "Our ability to successfully navigate the peculiar challenges in the various markets where we operate highlights our strong business fundamentals and unwavering commitment to sound business strategies."
"Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively in order to strengthen our competitive edge and drive long-term growth."
"As an organization, 2022 was quite significant for us because it was the first year following our corporate restructuring into a financial holding company in August 2021," he added.
"Today, we have successfully built a robust ecosystem across our banking, payment, funds management, and pension businesses, with enormous potential to deepen our addressable market and create more value for all of our stakeholders."
"We will continue to prioritize innovation, service excellence, and seamless execution in order to achieve our vision of being the leading financial services provider in Africa."
According to the statement, the Group maintained one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios such as pre-tax return on equity of 23.6%, pre-tax return on assets of 3.6%, full impact capital adequacy ratio of 24.1%, and cost to income ratio of 48.0%.
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