GTCO writes new chapter with N1trn half-year profit 

Business a.m.

Guaranty Trust Holding Company Plc (GTCO) has blazed a trail in the Nigerian financial industry, becoming the first institution to break the N1 trillion profit barrier. This is as the company’s audited consolidated and separate financial statements for the period ending June 30, 2024, released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), revealed an unprecedented profit before tax of N1.004 trillion, a 206.6 percent increase compared to the N327.4 billion reported in the corresponding period ending June 2023.

GTCO’s impressive financial performance is further underscored by the 25.5 percent increase in its loan book (net), which rose from N2.48 trillion reported in December 2023 to N3.11 trillion in June 2024. 

Moreover, the group’s deposit liabilities increased significantly, swelling by 39.8 percent from N7.55 trillion in December 2023 to N10.55 trillion in June 2024.

In a testament to the group’s diversified and resilient balance sheet, GTCO achieved remarkable growth across all its asset lines. This dynamism was further reflected in the healthy and well-structured balance sheet across its banking franchises in the diverse markets where it operates, as well as its varied business verticals such as payments, pensions, and funds management.

At the close of the quarter, total assets and shareholders’ funds stood at N14.5 trillion and N2.4 trillion, respectively, solidifying the group’s position as a financial powerhouse.

GTCO’s robust financial health and asset quality was further evidenced by the group’s impressive Capital Adequacy Ratio (CAR), which remained strong at 21 percent by the end of the quarter. In addition, the group’s commitment to maintaining a high standard of asset quality was demonstrated by the IFRS 9 Stage 3 loans, which stood at a reassuring 4.3 percent in June 2024, compared to 4.2 percent in December 2023.

Following the release of Guaranty Trust Holding’s   financials, Segun Agbaje, the chief executive officer, shared his elation over the Group’s remarkable progress in establishing itself as a preeminent financial holding company.

Agbaje, in a statement, noted that despite the uncertainties in the operating environment, the group’s performance in the first half of the year where it recorded its highest profit to date, is a testament to the resilience and adaptability of its business model.

In light of the outstanding performance, Agbaje expressed his unwavering optimism for the future, underscoring GTCO’s steadfast commitment to leveraging its distinctive position as a thriving financial services ecosystem.

“We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals – Banking, Funds Management, Pension, and Payments–for rapid growth across key markets,” he stated.