Guaranty Trust Holding Company Plc (GTCO or the Group) has reported N151.9 billion profit before tax in it’s unaudited financial statements ended September 30, 2021.
According to the result which was presented to the Nigerian Exchange Group and London Stock Exchange respectively, this represents a drop of 9.2 per cent over N167.4 billion recorded in the corresponding period of September 2020.
The Group’s loan book (net) increased by 4.5 per cent from N1.66 trillion recorded as at December 2020 to N1.74 trillion in September 2021, while deposit liabilities increased by 8.0 per cent from N3.61 trillion in December 2020 to N3.90 trillion in September 2021.
The company’s balance sheet remained well structured and resilient with total assets and shareholders’funds closing at N5.14 trillion and N824.7 billion respectively.
Full Impact Capital Adequacy Ratio remained very strong, closing at 23.8 per cent, while asset quality was sustained as NPL ratio and Cost of Risk closed at 5.8 per cent and 0.3 per cent in September 2021 from 6.4 per cent and 1.2 per cent in September 2020 respectively.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc(GTCO Plc), Mr. Segun Agbaje, said; “Our performance validates the resilience of our balance sheet in spite of the challenges in the operating environment and, further justifies our decision to diversify our earnings by going beyond banking in creating long-term value for our discerning stakeholders.
Looking forward, we will replicate our digital-first, customer-centric banking strategy in the wealth management and payment spaces to rapidly scale our service offerings in line with our long-term strategy.”
He stated that, “As businesses and households continue to recover from the lingering impact of covid-19 pandemic, our resolve to stand with our customers and communities through the recovery process is yielding the desired results.
Ultimately, we aim to improve the lives of our stakeholders and build partnerships with our communities.”Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios, which is Post-Tax Return on Equity of 20.8 per cent, Post-Tax Return on Assets of 3.4 per cent, Full Impact Capital Adequacy Ratio of 23.8 per cent and Cost to Income ratio of 44.9 per cent.