The Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) have received the Unaudited Consolidated and Separate Financial Statements for the period ending September 30, 2023, from Guaranty Trust Holding Company Plc (“GTCO” or the “Group”).
The Group’s profit before tax was reported at 433.2 billion, increasing 155.2% from 169.7 billion in the same period ending in September 2022. While deposit liabilities climbed by 37.9% from ₦4.61trillion in December 2022 to ₦6.36trillion in September 2023, the Group’s loanbook (net) increased by 17.7% from ₦1.89trillion as recorded as of December 2022 to ₦2.22trillion in September 2023.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦8.6trillion and ₦1.3trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8% in September 2023 from 5.2% December 2022, however, Cost of Risk (COR) closed at 4.1% from 0.6% in December 2022 owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment. Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value.”
He further said; “We are proud of our work towards Promoting Enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through our consumer-focused fairs. The 6th Edition of the GTCO Fashion Weekend is scheduled to hold in Lagos, Nigeria, on 11/12 November 2023, and will give entrepreneurs in the Nigerian fashion retail space a free-business platform to showcase their diverse talents and creativity to a global audience.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 52.4%, Pre-Tax Return on Assets (ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.
GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.
