GTCO hits N433bn profit in Q3 2023

Bisola David
Bisola David
GTCO hits N433bn profit in Q3 2023

Guaranty Trust Holding Company Plc declared a profit before tax of N433.2bn, a 155.2 percent rise over the N169.7bn reported in the same period in 2022.

According to The Punch, this was revealed in its unaudited consolidated and separate financial accounts, which were submitted with the London Stock Exchange and the Nigerian Exchange Group, for the period ending September 30, 2023.

The Group’s deposit liabilities climbed by 37.9 percent, from N4.61 trillion in December 2022 to N6.36 trillion in September 2023, while its loan book (net) expanded by 17.7 percent, from N1.89 trillion in December 2022 to N2.22 trillion in September 2023.

The entire assets and shareholders’ funds of the Group closed at N8.6 trillion and N1.3 trillion, respectively, demonstrating its continued sound structure and resilience.

While asset quality was maintained, as seen by the improvement in IFRS 9 Stage 3 Loans from 5.2 percent in December 2022 to 3.8 percent in September 2023, the Full Impact Capital Adequacy Ratio was steady at 25.1 percent.

However, because of management’s conservative approach to provisioning as macros deteriorated annually, the Cost of Risk closed at 4.1 percent from 0.6 percent in December 2022.

“Our third 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,” stated the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, in response to the results.

“As we approach the last quarter of the year, we’ll keep using the benefits found in our expanding financial services ecosystem to advance our product and service offerings, boost client satisfaction, and increase shareholder value.

“We take great pride in the work we have done over the years to promote enterprise throughout the African continent, and we are still dedicated to assisting local small businesses in growing through our consumer-focused fairs.”

The closing price of its shares on the NGX was N35.55 per unit on Wednesday.

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