GTCO records 36.5% growth in Q1’23 profit to N74.1bn

Forum 11 months ago

GTCO records 36.5% growth in Q1’23 profit to N74.1bn

Guaranty Trust Holding Company (GTCO) Plc has recorded a 36.5 per cent increase in profit before tax to N74.1 billion for the first quarter ended March 2023 Q1’2023, from N54.3 billion in the corresponding period of last year, Q1’2022.

The company disclosed this in its unaudited consolidated and separate financial statements released to the Nigerian Exchange Limited, NGX and London Stock Exchange (LSE) for Q1’23. The statements showed that Group’s loan book (net) dipped by 1.5% to N1.86 trillion in March 2023 from N1.88 trillion recorded as at December 2022 while deposit liabilities increased by 9.9% from N4.61 trillion in December 2022 to N5.07 trillion in March 2023.

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%, 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, Group Chief Executive Officer of 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.”