GTCO reports growth in core income in Q1 2025

Guaranty Trust Holding Company Plc has reported a profit before tax of N300.4 billion.

This is driven by strong performance in its core earnings lines income which grew year-on-year by 41.1 per cent and fee income up by 41.2 per cent.

The company disclosed this in its unaudited Consolidated and Separate Financial Statements ended March 31, 2025, submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE).

This performance helped the group offset the impact of the N331.6 billion fair value gains recognised in first quarter of 2024, which did not recur in first quarter of 2025.

The group’s loan book (net) increased by 15.6 per cent from N2.79 trillion recorded as of December 2024 to N3.22 trillion in March 2025, while deposit liabilities grew by 7.7 per cent from N10.40 trillion to N11.20 trillion during the same period.

The group recorded growth across all its asset lines and continues to maintain a robust, well-structured, highly de-risked, and well-diversified balance sheet across all its operating jurisdictions.

Total assets and shareholders’ funds closed at N15.9 trillion and N3.0 trillion, respectively.

The Full Impact Capital Adequacy Ratio (CAR) remained robust and strong, closing at 34.6 per cent.

Asset quality also improved, as evidenced by IFRS 9 Stage 3 Loans, which closed at 3.3 per cent at the bank level and 4.5 per cent at the Group level in first quarter of 2025 when compared to the bank’s 3.5 per cent and the group’s 5.2 per cent in December 2024.

The Cost of Risk (COR) closed at 0.4 per cent, down from 4.9 per cent in December 2024.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), Mr Segun Agbaje, said, “Our Q1 2025 performance reflects the strength of all our business verticals and our capacity to generate strong and sustainable earnings.

“While the fair value gains of N331.6 billion reported in Q1 2024 did not recur this quarter, the Group recorded solid growth across most income lines, underpinned by a diversified revenue base and a healthy, well-structured balance sheet.

“We remain optimistic about the year ahead. The fundamentals of our business are strong, our customer base continues to grow, and we are executing with discipline across our strategic priorities.

“Importantly, at this pace, the Group is well-positioned to deliver the full-year PBT of 2024 at the very minimum by the end of the 2025 FYE.”

Overall, the group continues to post some of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios, i.e., Pre-Tax Return on Equity (ROAE) of 42.2 per cent, Pre-Tax Return on Assets (ROAA) of 7.8 per cent, Full Impact Capital Adequacy Ratio (CAR) of 34.6 per cent, and Cost to Income ratio of 29.0 per cent.

GTCO Plc is a leading financial services group with operations across Africa and the United Kingdom.

Renowned for its strong corporate governance, innovative financial solutions and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services, including payments, funds management, and pension fund administration.

The group is committed to delivering long-term value to stakeholders while driving growth and development across its markets.