GTCO’s records profit tax of 214.2bn

Guaranty Trust Holdings Company (GTCO) has reported and recorded a Profit Before Tax of N214.2 billion during its 2022 financial year, representing a 3.3 per cent dip from N221.5 billion posted in the corresponding year that ended December 2021.

GTCO in its audited consolidated and separate financial Statements for the year ended December 31, 2022, released to the Nigerian Exchange Limited (NGX) and London Stock Exchange (LSE).

While commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, explained that the Group’s ability is to navigate the peculiar challenges in the different markets where it operates underscores its 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.

“As an organisation, 2022 was quite significant for us being the first year after our 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.”

According to the financial institutions, the Group reported a net interest income of 30 billion for the year 2022 as against N220.61 billion posted in 2021 representing a growth of 17.54 per cent.

The Group’s loan book (net) increased by 4.6 per cent from N1.80 trillion as of 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 resilient with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively.

Capital Adequacy Ratio (CAR) remained very strong, closing at 24.1 per cent.

Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2 per cent in December 2022 from 6.0 per cent in December 2021, however, Cost of Risk (COR) inched up marginally to 0.6 per cent in FY-2022 from 0.5 per cent in December 2021 due to impact of worsened macros on PDs.

It will be recalled that the Directors recommend the payment of a final dividend of N2.80k per ordinary share of 50 Kobo, bringing the total dividend for the financial year ended December 31, 2022, to N3.10k.

The Group also had during the 2022 financial year, declared and paid an interim dividend of 30 Kobo per ordinary share on the share capital of 29,431,179,224 Ordinary Shares of 50 Kobo each, for the half-year period ended June 30, 2022.