Guaranty Trust Holding Company Plc (GTCO) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), reporting profit before tax of N609.3billion, representing an increase of 184.5% over N214.2billion recorded in the corresponding year ended December 2023.
The Group’s loan book (net) Increased by 31.5% from N1.89trillion recorded as at December 2022 to N2.48trillion in December 2023, while deposit liabilities grew by 63.7% from N4.61trillion in December 2022 to N7.55trillion in December 2023.
The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N9.7trillion and N1.5 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.2% in December 2023 from 5.2% December 2022. However, Cost of Risk (COR) closed at 4.5% from 0.6% in December 2022 owing to worsening macros which caused significant increase in ECL variables.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals. Harnessing the Group’s synergies yielded a strong performance, allowing us to strengthen our foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.”
