GTCO reports N54.3bn PBT in Q1 2022

Guaranty Trust Holding Company Plc (GTCO) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of N54.3billion, representing an increase of 1.1 per cent over N53.7billion recorded in the corresponding period March 2021.

FX translation of the FCY loan book led to a drop in the Group’s net loans by 4.7per cent from N1.80trillion recorded as at December 2021 to N1.72trillion in March 2022. Deposit liabilities however grew by 0.7per cent from N4.13trillion in December 2021 to N4.16trillion in March 2022.

The Group’s Balance Sheet remained well structured and resilient with Total Assets and Shareholders’ funds closing at N5.50trillion and N908.8billion, respectively.

Strong Capital Ratios and Asset Quality was sustained as CAR, NPL ratio and Cost of Risk (COR) closed at 22.9per cent, 5.90per cent and 0.1per cent in March 2022 from 23.8per cent, six per cent and 0.5per cent in December 2021, respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje in a statement said: “Our first quarter results show a decent improvement across key revenue lines as well as other financial metrics, which demonstrates our ability to effectively navigate the evolving business landscape anchored on our strong business fundamentals. 

“With this performance, we are optimistic about the rest of 2022 as we rapidly consolidate the gains of our new holding company structure to deliver superior stakeholder value. Importantly, our non-banking businesses including pension management, wealth management and payments will serve to diversify our earnings capacity as we look to create a model financial services ecosystem for all of Africa.

“As a Group, we are fully committed to providing innovative financial solutions whilst constantly delivering best-in-class customer experiences in line with our long-term strategy.”

In terms of significant performance metrics, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 19.3per cent, Post-Tax Return on Assets (ROAA) of 3.2per cent, Full Impact Capital Adequacy Ratio (CAR) of 22.9 per cent and Cost to Income ratio of 47 per cent.