Guaranty Trust Holding Company (GTCO) Plc grew pre-tax profit by 184.5 per cent to N609.3 billion in 2023.

Key extracts of the audited report and accounts of GTCO for the year ended December 31, 2023 released yesterday at the Nigerian Exchange (NGX) showed appreciable improvements in profitability and balance sheet of the group.

The report showed that profit before tax rose from N214.2 billion in 2022 to N609.3 billion in 2023.

The group’s net loan book Increased by 31.5 per cent from N1.89 trillion in 2022 to N2.48 trillion in 2023. Deposit liabilities grew by 63.7 per cent from N4.61 trillion to N7.55 trillion.

The group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion respectively.

Underlying ratios remained strong. Full impact capital adequacy ratio (CAR) stood at 21.9 per cent. IFRS 9 Stage 3 Loans improved to 4.2 per cent from 5.2 per cent. However, cost of risk (COR) closed 2023 at 4.5 per cent from 0.6 per cent in 2022.

Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje, said: the challenging operating environment of 2023 truly tested the business model of the group.

He said the group harnessed its synergies, which yielded a strong performance, allowing the group to strengthen its foothold in banking.

He added that the group also built viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.

“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.

“As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders,” Agbaje said.

Credit: thenationonlineng.net

How We Grew Our Pre-Tax Profit To N609.3b – GTCO

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