National Wire About Nigerians, Nigerian Business and Other Stories
Guaranty Trust Holding Company Plc (GTCO) has achieved a milestone by becoming the first Nigerian financial institution to record a profit before tax of ₦1 trillion.
This represents a 206.6% increase from the ₦327.4 billion recorded in the corresponding period in 2023.
The Group’s loan book grew by 25.5% to ₦3.11 trillion, while deposit liabilities increased by 39.8% to ₦10.55 trillion. Total assets and shareholders’ funds stood at ₦14.5 trillion and ₦2.4 trillion, respectively.
GTCO’s Capital Adequacy Ratio (CAR) remained strong at 21.0%, while asset quality was sustained with IFRS 9 Stage 3 Loans at 4.3%. The Cost of Risk (COR) improved to 1.6% from 4.5% in December 2023.
Group CEO, Segun Agbaje, expressed pride in the progress made, citing the resilience and adaptability of the business model.
He remains optimistic about the future and committed to creating sustainable value for stakeholders.
GTCO continues to post impressive financial ratios, including Pre-Tax Return on Equity (ROAE) of 103.6%, Pre-Tax Return on Assets (ROAA) of 16.6%, and a Cost to Income ratio of 16.7%.
