Guaranty Trust Holding Company (GTCO) Plc recorded 12 per cent growth in pre-tax profit in the third quarter as the group’s loan book expanded to N1.84 trillion.
Key extracts of the interim report and accounts of GTCO for the nine-month period ended September 30, 2022 released at the Nigerian Exchange (NGX) and London Stock Exchange (LSE) showed that profit before tax rose from N151.9 billion in third quarter 2021 to N169.7 billion in third quarter 2022.
The group’s net loan book increased by 2.2 per cent from N1.80 trillion recorded as at December 2021 to N1.84 trillion in September 2022. Deposit liabilities increased by 6.4 per cent from N4.13 trillion in December 2021 to N4.39 trillion in September 2022.
The group’s total assets and shareholders’ funds closed at N5.81trillion and N872.8billion respectively. Capital adequacy ratio (CAR), non-performing loan (NPL) ratio, and Cost of Risk (COR) closed at 20.7 per cent, 5.6 per cent, and 0.2 per cent in September 2022 from 23.8 per cent, 6.0 per cent, and 0.5 per cent in December 2021 respectively.
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Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje, said the third quarter result reaffirmed the group’s strategy for long-term growth and underscored its capacity to deliver sustainable strong performance despite the volatilities in the operating environment.
According to him, the group has 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 noted that with the non-banking businesses fully operational alongside the group’s core banking subsidiary, the group has been well-positioned to maximise its earnings potential going into the fourth quarter of the year.
“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,” Agbaje said.
He pointed out that the group has continued to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios with pre-tax return on equity (ROAE) of 25.8 per cent, pre-tax return on assets (ROAA) of 4.0 per cent, full impact capital adequacy ratio (CAR) of 20.7 per cent and Cost to Income ratio of 45.1 per cent.