Finance

GTCO’s Q3 profit hits N433bn

GTCO’s Q3 profit hits N433bn

Guaranty Trust Holding Company Plc has reported profit before tax of N433.2bn, representing an increase of 155.2 percent over N169.7bn recorded in the same period in 2022.

This was disclosed in its unaudited consolidated and separate financial statements for the period ended September 30, 2023, filed with the Nigerian Exchange Group and London Stock Exchange.

In the period under review, the Group’s loan book (net), grew by 17.7 percent from N1.89tn in December 2022 to N2.22tn in September 2023, while deposit liabilities increased by 37.9 percent from N4.61tn in December 2022 to N6.36tn in September 2023.

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The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N8.6tn and N1.3tn respectively.

Full Impact Capital Adequacy Ratio remained strong as it closed at 25.1 percent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8 percent in September 2023 from 5.2 percent in December 2022.

However, the Cost of Risk closed at 4.1 percent from 0.6 percent in December 2022 owing to management’s conservative stance on provisioning as macros worsened year-on-year.

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Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said, “Our third 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.

“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.”

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Its shares closed trading priced at N35.55 per unit on the NGX on Wednesday.

Punch

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