The total assets of Guaranty Trust Holding Company (GTCO) Plc was N8.6 trillion as at the end of third quarter, 2023 even as the group’s balance sheet remained well structured and resilient.
Similarly, its shareholders’ funds closed at N1.3 trillion, in its unaudited financial results for the period ended September 30, 2023, while it reported profit before tax of N433.2 billion.
The results released to the investing public on the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), revealed that, profit before tax grew by 155.2 per cent from N169.7 billion in Q3, 2023 to N433.2 billion under the period review.
The Group’s loan book (net) grew by 17.7 per cent from N1.89 trillion recorded as at December 2022 to N2.22 trillion in September 2023, while deposit liabilities increased by 37.9 per cent from N 4.61trillion in December 2022 to N6.36 trillion in September 2023.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8 per cent in September 2023 from 5.2 per cent December 2022. However, Cost of Risk (COR) closed at 4.1 per cent from 0.6 per cent in December 2022 owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables.
Speaking on the results, the Group chief executive officer of GTCO, 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.”
He further said: “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.”