JUST IN: GTCO reports 13.21% drop in profit to N174.84bn

Guaranty Trust Holding Company Plc (GTCO) on Friday announced 13.21 per cent decline in profit to N174.84billion in its audited result and accounts for the period ended December 31, 2021.

The Holdings in 2020 financial year reported N201.44bilion profit.

The audited 2021 results on the Nigerian Exchange Limited (NGX) also showed about seven per cent decline in profit before tax to N221.5billion in 2021 from N238.1billion reported in 2020.

While commenting on the bank’s unaudited nine months results, the Group Chief Executive Officer of 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.

“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.”