Guaranty Trust Holding Company Plc has announced a remarkable increase in its profit before tax for the first half of the 2023 financial period, reporting a figure of N327.4 billion.

The disclosure was made in an official statement released on Sunday, presenting audited consolidated and separate financial statements for the period ending on June 30, 2023.

These financial results were presented to both the Nigerian Exchange Group and the London Stock Exchange.

The statement highlighted that the Group’s profit before tax had soared by an impressive 217.1 percent, surging from N103.2 billion in the corresponding period ending in June 2022.

The Group also reported significant growth in its loan book (net), which had expanded by 22.8 percent, climbing from N1.89 trillion recorded at the end of December 2022 to N2.32 trillion by June 2023.

Moreover, deposit liabilities experienced substantial growth, escalating by 37.0 percent, from N4.61 trillion in December 2022 to N6.32 trillion by June 2023.

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The balance sheet of the Group maintained its robust structure, with total assets and shareholders’ funds closing at N8.5 trillion and N1.2 trillion, respectively.

Despite challenges in the business environment, including inflationary pressures and exchange rate fluctuations, the Group’s capital adequacy ratio remained strong at 24.7 percent.

Asset quality also remained resilient, with IFRS 9 Stage 3 loans improving to 4.6 percent in June 2023 from 5.2 percent in December 2022.

However, the cost of risk increased to 3.7 percent from 0.6 percent in December 2022 due to worsening economic conditions.

Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, commented on the results, noting that they reflect the company’s strong fundamentals, past decisions to fortify its balance sheet, and sound operational practices.

Despite challenges in the business environment, the company’s transformation into a holding company structure has yielded improved profitability and solid performance across key metrics.

The investments made in technology, product development, and personnel have been instrumental in achieving these positive results.