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GTCO posts N169.7bn profit before tax for Q3



Guaranty Trust Holding Company Plc (GTCO) on Wednesday released its unaudited consolidated and separate financial statements for the period ended Sept. 30, to the Nigerian Exchange Ltd. (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of N169.7 billion, representing an increase of 11.7 per cent over N151.9 billion recorded in the corresponding period of 2021.

The group’s loan book (net) increased by 2.2 per cent from N1.80 trillion recorded as at December 2021 to N1.84 trillion in September, while deposit liabilities increased by 6.4 per cent from N4.13 trillion in December 2021 to N4.39 trillion in September.

The group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.81trillion and N872.8 billion, respectively.

Strong Capital Ratios and Asset Quality were sustained as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7 per cent, 5.6 per cent, and 0.2 per cent in September from 23.8 per cent, 6.0 per cent, and 0.5 per cent in December 2021, respectively.

Commenting on the results, the Group Chief Executive Officer of GTCO Plc, Mr Segun Agbaje, said: “The Group’s third quarter result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our operating environment.

“We have also kept in focus our vision of supporting small and medium enterprises specifically through our free business platforms to help them stay in business and expand their offerings.

“With our non-banking businesses fully operational alongside our core banking subsidiary, we are well positioned to maximise our earnings potential going into the fourth quarter of the year.”

He further stated that the goal of the bank was to offer great experiences to all who interacted with its brand, whilst continually enhancing access to innovative financial solutions for individuals and businesses across Africa.

“We are appreciative of all our customers and other stakeholders who are with us on this journey of building a truly global African financial services institution,” he said.

He added that overall, the group continued to post one of the best metrics in the Nigerian financial services industry.

These, he said, included Pre-Tax Return on Equity (ROAE) of 25.8 per cent, Pre-Tax Return on Assets (ROAA) of four per cent, Full Impact Capital Adequacy Ratio (CAR) of 20.7 per cent and Cost to Income ratio of 45.1 per cent.

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Olawunmi Ashafa

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.



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