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GTCO Plc reports N54.3bn profit in Q1

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Guaranty Trust Holding Company Plc (“GTCO Plc) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2022,  reporting profit before tax of N54.3billion. the amount  representing an increase of 1.1 per cent  over N53.7billion recorded in the corresponding period March  2021.

The company result released to to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) said that forex translation of the FCY loan book led to a drop in the Group’s net loansby 4.7 per cent from N1.80 trillion recorded as at December 2021 to N1.72 trillion in March 2022. Deposit liabilities however grew by 0.7 per cent from N4.13 trillion in December 2021 to N4.16 trillion in March 2022.  

The Group’s Balance Sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.50trillion and N908.8billion, respectively. 

Strong Capital Ratios and Asset Quality was sustained as CAR, NPL ratio and Cost of Risk (COR) closed at 22.9 per cent  5.9 per cent and 0.1 per cent in March 2022 from 23.8 per cent, 6.0 per cent and 0.5 per cent in December 2021, respectively. 

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; “Our first quarter results show a decent improvement across key revenue lines as well as other financial metrics, which demonstrates our ability to effectively navigate the evolving business landscape anchored on our strong business fundamentals.”   

He further added, “With this performance, we are optimistic about the rest of 2022 as we rapidly consolidate the gains of our new holding company structure to deliver superior Stakeholder value. Importantly, our non-banking businesses including Pension Management, Wealth Management and Payments will serve to diversify our earnings capacity as we look to create a model financial services ecosystem for all of Africa. As a Group, we are fully committed to providing innovative financial solutions whilst constantly delivering best-in-class customer experiences in line with our long-term strategy.”