Guaranty Trust Holding Company Plc (GTCO) has recorded a Profit Before Tax (PBT) of N74.1 billion for the period ended, March 31.

This bank disclosed this in the company’s unaudited consolidated and separate financial statements for the period under review, presented to the Nigerian Exchange Ltd. (NGX)and London Stock Exchange.
The financial statement indicated that the amount represented an increase of 36.5 percent over N54.3 billion recorded in the corresponding period of March 2022.
It added that the group’s loan book (net) dipped by 1.5 percent from N1.88 trillion recorded as of Dec. 2022 to N1.86 trillion in March 2023.
The bank’s deposit liabilities increased by 9.9 percent from N4.61 trillion in December 2022 to N5.07 trillion in March 2023 respectively.
The group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N6.7 trillion and N975.6 billion, respectively.
“Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2 percent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio.
“Also, Cost of Risk (COR) closed at 5.4 percent and 0.2 percent in March 2023 from 5.2 percent and 0.6 percent in Dec. 2022, respectively,” it said.
Commenting, the Group Chief Executive Officer of GTCO Plc, Mr. Segun Agbaje, said the company’s first-quarter results reflect the strength of the GTCO’s franchise.
Agbaje stated that the results also showed the quality of the bank’s decision-making and the unfolding success of its efforts toward becoming a leading financial services company in Africa.
“Despite severe headwinds, we delivered a decent performance and recorded growth across key revenue lines.
“We are also not relenting in our resolve for better outcomes for people and businesses within our financial ecosystem,” he said.
According to him, some of the challenges from the past few years were still lingering and uncertainties ahead would test the resilience of most economies and businesses.
Agbaje noted that the year 2023 was shaping up to be another interesting year.
He said, “We are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base.
“Overall, the group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios.
“It posted a Pre-Tax Return on Equity (ROAE) of 31.1 percent, Pre-Tax Return on Assets (ROAA) of 4.5 percent, Full Impact Capital Adequacy Ratio (CAR) of 23.2 percent, and Cost to Income ratio of 43.1 percent.
GTCO is a leading financial services group with banking operations in Nigeria, West and East Africa, United Kingdom alongside new businesses in Payment, Funds Management, and Pension Fund Administration.