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GTCO posts N214bn as pretax profit in 2022

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Guaranty Trust Holding Company Plc on Friday announced a profit before tax of N214.2 billion in its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2022.

The decrease in profit before tax, according to results made available to the Nigerian Exchange Group and London Stock Exchange, represented a 3.3 per cent dip from N221.5 billion posted in the corresponding year ended December 2021.

It, however, attributed the decrease in PBT to N35.6 billion impairment recognised on Ghanaian sovereign securities.

The Group’s loan book (net) increased by 4.6 per cent from N1.80 trillion as at December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6 per cent from N4.13 trillion to N4.61 trillion during the same period.

The Group’s balance sheet remains well-structured and resilient with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively.

Capital Adequacy Ratio remained strong, closing at 24.1 per cent.

Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio; non-profit loans improved to 5.2 per cent in December 2022 from six per cent in December 2021.

However, Cost of Risk inched up marginally to 0.6 per cent in financial year 2022 from 0.5 per cent in December 2021.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said, “This underscores 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 to strengthen our competitive edge and drive long-term growth.”

He further stated that 2022 was quite significant for the Group being the first year after its corporate restructuring into a financial holding company in August 2021.

Today, across our banking, payment, funds management, and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.

“We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa,” the CEO said.

Source:NAN

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