By Onome Amuge
Guaranty Trust Holding Company Plc (GTCO) has reported profit before tax (PBT) of N169.7 billion following operations in the third quarter ended September 30,2022. The result reflects an increase of 11.7 percent against N151.9 billion recorded in the corresponding period ended September 2021.
The Group’s unaudited consolidated and separate finance statement also showed that the company’s net income increased by 2.2 percent from N1.80 trillion recorded as of December 2021 to N1.84 trillion in September 2022. Deposit liabilities also increased by 6.4 percent from N4.13 trillion in December 2021 to N4.39 trillion in September 2022.
Strong capital ratios and asset quality were also sustained as Capital Adequacy Ratio (CAR), NPL ratio, and Cost of Risk (COR) closed at 20.7 percent, 5.6 percent, and 0.2 percent in September 2022 from 23.8 percent, 6.0 percent, and 0.5 percent in December 2021, respectively.
Overall, the Group posted one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios including Pre-Tax Return on Equity (ROAE) of 25.8 percent, Pre-Tax Return on Assets (ROAA) of 4.0 percent, and Cost to Income ratio of 45.1 percent.
Commenting on the Group’s strong performance, Segun Agbaje, Group chief executive officer, Guaranty Trust Holding Company Plc, said the company’s third-quarter result reaffirms its strategy for long-term growth and underscores its capacity to deliver sustainable strong performance despite the volatilities in the operating environment.
Agbaje further assured that the group has also kept in focus its vision of supporting small and medium enterprises specifically through its free business platforms to help them stay in business and expand their offerings. He added that the company is well positioned to maximise earnings potential going into the fourth quarter of the year, underpinned by its non-banking businesses which are fully operational alongside the company’s core banking subsidiary.
“In creating a thriving financial services ecosystem, our goal is to offer great experiences to all who interact with our brand whilst continually enhancing access to innovative financial solutions for individuals and businesses across Africa. We are appreciative of all our customers and other stakeholders who are with us on this journey of building a truly global African financial services institution,” he said.
