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Guaranty Trust Holding Company Plc Reports Record-Breaking Financial Performance in 2023

Guaranty Trust Holding Company Plc Reports Record-Breaking Financial Performance in 2023

09 April, 2024

Guaranty Trust Holding Company Plc ("GTCO" or the "Group") has unveiled its Audited Consolidated and Separate Financial Statements for the year ending December 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group announced a remarkable profit before tax of ₦609.3 billion, marking a substantial 184.5% surge from ₦214.2 billion in the previous year. Notably, the Group's net loan book saw a robust 31.5% increase from ₦1.89 trillion in December 2022 to ₦2.48 trillion in December 2023, while deposit liabilities soared by 63.7% from ₦4.61 trillion to ₦7.55 trillion during the same period.

With total assets and shareholders' funds closing at ₦9.7 trillion and ₦1.5 trillion, respectively, the Group's balance sheet remained resilient and diversified. The Full Impact Capital Adequacy Ratio (CAR) stood strong at 21.9%, and asset quality improved with IFRS 9 Stage 3 Loans dropping to 4.2% in December 2023. However, the Cost of Risk (COR) rose to 4.5% due to challenging macroeconomic conditions.

Speaking on the results, Guaranty Trust Holding Company Plc's Group Chief Executive Officer, Mr. Segun Agbaje, highlighted the Group's performance amidst a demanding operating environment in 2023. He emphasized the success of leveraging synergies across banking and non-banking verticals, leading to robust growth and enhanced customer experiences through innovations like the GTWorld mobile banking application upgrade.


Mr. Agbaje expressed confidence in the Group's ability to navigate regulatory changes and global uncertainties while delivering sustainable growth and value for stakeholders. GTCO continues to excel in key financial ratios such as Pre-Tax Return on Equity (ROAE) of 50.6%, Pre-Tax Return on Assets (ROAA) of 7.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9%, and Cost to Income ratio of 29.1%.


As a prominent financial services group operating in Nigeria, West Africa, East Africa, and the United Kingdom, GTCO's commitment to empowering communities has earned it numerous accolades in the industry."