Guaranty Trust Holding Company Plc (GTCO) on Wednesday released its unaudited consolidated and separate financial statements for the period ended Sept. 30, to the Nigerian Exchange Ltd. (NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of N169.7 billion, representing an increase of 11.7 percent over N151.9 billion recorded in the corresponding period of 2021.
The group’s loan book (net) increased by 2.2 percent from N1.80 trillion recorded as of December 2021 to N1.84 trillion in September, while deposit liabilities increased by 6.4 percent from N4.13 trillion in December 2021 to N4.39 trillion in September.
The group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.81trillion and N872.8 billion, respectively.
Strong Capital Ratios and Asset Quality were sustained as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7 percent, 5.6 percent, and 0.2 percent in September from 23.8 percent, 6.0 percent, and 0.5 percent in December 2021, respectively.
Commenting on the results, the Group Chief Executive Officer of GTCO Plc, Mr. Segun Agbaje, said: “The Group’s third quarter result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our operating environment.
“We have also kept in focus our vision of supporting small and medium enterprises specifically through our free business platforms to help them stay in business and expand their offerings.
“With our non-banking businesses fully operational alongside our core banking subsidiary, we are well positioned to maximize our earnings potential going into the fourth quarter of the year.”
He further stated that the goal of the bank was to offer great experiences to all who interacted with its 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.
He added that overall, the group continued to post one of the best metrics in the Nigerian financial services industry.
These, he said, included Pre-Tax Return on Equity (ROAE) of 25.8 percent, Pre-Tax Return on Assets (ROAA) of four percent, Full Impact Capital Adequacy Ratio (CAR) of 20.7 percent, and Cost to Income ratio of 45.1 percent.
