Guaranty Trust Holding Company Plc, a Banking Company in the Financial Services Sector, announced 170.6% Total Interest Income Growth in Q1 2024 Unaudited Results..

Key Highlights

• Gross Earnings grew by 170.6% from N104.08bnbn to N281.65bn.
• Profit before tax stood at N509.35bn
• Profit after tax stood at N457.13bn
• Share Price Currently Stands at N38.70k

GTCO Plc Releases 2024 Q1 Unaudited Results Reports Profit Before Tax of N509.3bn

Guaranty Trust Holding Company Plc released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE).

The Group reported profit before tax of N509.3bn, representing an increase of 587.5% over N74.1bn recorded in the corresponding period ended March 2023. The Group’s loan book (net) increased by 21.9% from N2.48trn recorded as of December 2023 to N3.02trn in March 2024, while deposit liabilities increased by 26.0% from N7.55trn in December 2023 to N9.51trn in March 2024. 

The Group’s balance sheet remained well structured, diversified, and resilient, with total assets and shareholders’ funds closing at N13.0trn and N2.0trn, respectively. The Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.9%, while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1% in March 2024 from 4.2% in December 2023 and cost of risk (COR) closed at 0.4% from 4.5% in December 2023. 

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure - from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meet our full-year guidance.”

Mr Agbaje further said: “Looking ahead, we will continue to strengthen our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through well-attested free business platforms and innovative products and services. We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders.”

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 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9% and cost-to-income ratio (CIR) of 16.3%. 

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. 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.