AGS NEWS – Guaranty Trust Holding Company Plc has disclosed a significant profit before tax of N609.3 billion for the 2023 financial year.

This announcement, made through its audited consolidated and separate financial statements filed with the Nigerian Exchange Group and London Stock Exchange, marks a notable 184.5 percent increase from the N214.2 billion reported in the previous year.

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GTCO, a leading financial holding company in Nigeria with a market capitalization exceeding N1 trillion on the NGX, has seen its post-tax profit surge by 218.99 percent to N539.65 billion from N169.17 billion in 2022.

During the reporting period, the group witnessed notable improvements across various metrics.

Loans and advances grew by 31.5 percent to N2.48 trillion, while deposits increased by 63.7 percent to N7.55 trillion.

The group’s total assets and shareholders’ funds closed at N9.7 trillion and N1.5 trillion, respectively.

Despite the challenging macroeconomic factors, GTCO maintained a strong capital adequacy ratio of 21.9 percent and sustained its asset quality, with IFRS 9 Stage 3 loans improving to 4.2 percent in December 2023.

However, the cost of risk rose to 4.5 percent from 0.6 percent in December 2022, reflecting the impact of worsening macroeconomic conditions.

GTCO’s pre-tax return on equity stood at 50.6 percent, pre-tax return on assets at 7.6 percent, and the cost-to-income ratio at 29.1 percent.

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Mr. Segun Agbaje, the Group Chief Executive Officer of GTCO, emphasized the company’s resilience in the face of challenges and its commitment to innovation and customer experience.

GTCO declared a final dividend of N2.70k, bringing the total dividend for 2023 to N3.20k, demonstrating its dedication to creating value for stakeholders amidst evolving regulatory reforms and global uncertainties.