GTCO grows H1 profit to N103bn


H1 2022: GTCO records N103bn profit, proposes 30k dividendGuaranty Trust Holding Company Plc’s profit before tax rose by 11 per cent to N103.2bn as of the end of June 2022 from N93.1bn recorded in the corresponding period of 2021.

The Group disclosed this in a statement on its audited consolidated and separate financial statements for the period ended June 30, 2022, to the Nigerian Exchange Group and London Stock Exchange.

The Group’s loan book (net) increased by 1.8 per cent from N1.80tn recorded as of December 2021 to N1.83tn in June 2022, while deposit liabilities increased by 6.4 per cent from N4.13tn in December 2021 to N4.39tn in June 2022.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.7tn and N845.7bn, respectively, it stated.

Full Impact Capital Adequacy Ratio stayed strong, closing at 22.0 per cent, while asset quality was sustained as IFRS 9 Stage 3 loans ratio and Cost of Risk closed at 6.2 per cent and 0.2 per cent in June 2022 from 6.0 per cent and 0.5 per cent in December 2021, respectively.

Commenting on the results, the Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said, “Our results show an increase in key revenue lines and a strong performance in other financial metrics which reinforce our growth prospects as a leading financial services company.

“Our priority at the start of the 2022 financial year was to bring the Group’s new businesses on-stream, starting strong with a focus on long-term viability. At present, we have successfully expanded our financial services ecosystem to include HabariPay Ltd, Guaranty Trust Fund Managers Ltd, and Guaranty Trust Pension Managers Ltd, and all of them are P&L positive.”

He added that, “These newly created businesses will operate alongside our flagship banking franchise to offer increased value to our growing customer base as well as other stakeholders.

“We will continue to build on our core strengths of service excellence, innovation, and flawless execution to deliver our corporate objectives for the year and further our vision of being Africa’s leading financial services institution.”

The Group disclosed pre-tax return on equity of 23.9 per cent, pre-tax return on assets of 3.7 per cent, full impact CAR of 22.0 per cent and cost to income ratio of 49.1 per cent.

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