GTCO releases Q1 2023 unaudited results, posts PBT of N74.1bn
Guaranty Trust Holding Company Plc (GTCO) has released its unaudited consolidated and separate financial statements for the period ended March 31, 2023, to the Nigerian Exchange Group and London Stock Exchange.
The Group posted profit before tax of N74.1billion, representing an increase of 36.5% over N54.3bn recorded in the corresponding period ended March 2022. The Group’s loan book (net) dipped by 1.5% from N1.88trn recorded as of December 2022 to N1.86trillion in March 2023, while deposit liabilities increased by 9.9% from N4.61trillion in December 2022 to N5.07trillion in March 2023.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N6.7trillion and N975.6billion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4% and 0.2% in March 2023 from 5.2% and 0.6% in December 2022, respectively.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our first quarter results reflect the strength of the GTCO franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa.
“Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines. We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.”
He added that “2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses. 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 achieve 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 31.1%, Pre-Tax Return on Assets (ROAA) of 4.5%, Full Impact Capital Adequacy Ratio (CAR) of 23.2% and Cost to Income ratio of 43.1%.
GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration.
