Guaranty Trust Holding Company Plc Q3 2023 Report Shows That the Group Rose in Pre-tax Profit

Guaranty Trust Holding Company Plc (GTCO) has recently released its unaudited consolidated and separate financial statements for the period that ended on September 30, 2023.

The Group released the results to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), and it reported profit before tax (PBT) of N433.2 billion, which signifies a 155.2% rise from the record of the corresponding period that ended September 2022 with a total of N169.7 billion in profit before tax.

GTCO's loan book (net) increased by 17.7%, far from the N1.89 trillion that was recorded in December 2022; the Group said that the loan book (net) increased to N2.22 trillion in September 2023, while deposit liabilities rose by 3.7% from the N4.61 trillion recorded in December 2022 to N6.36 trillion in September 2023.

The Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said,

• 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 the customer experience, and maximise shareholder value.

The Group’s balance sheet shows that the company remained resilient with total assets and shareholders funds closing at N8.6 trillion and N1.3 trillion, respectively. Full Impact Capital Adequacy Ration (CAR) shows strengths as it closed at 25.1% while asset quality sustained as IFRS 9 Stage 3 Loans rose by 3.8% in September 2023 from 5.2% in December 2022. Cost of Risk (COR) closed at 4.1% from 0.6% in December 2022.

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios that is; Pre-Tax Return on Equity (ROAE) of 52.4percenr, Pre-Tax Return on Assets (ROAA) of 7.7percent, Full Impact Capital Adequacy Ratio (CAR) of 25.1percent and Cost to Income ratio of 29.7percent, report shows.

Agbaje, in his speech, concluded by saying,

• 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 give entrepreneurs in the Nigerian fashion retail space a free-business platform to showcase their diverse talents and creativity to a global audience.