Guaranty Trust Holding Company Plc (GTCO ) has recorded a Profit Before Tax (PBT).of ₦214.2billion in its 2022 operations, representing a 3.3 per cent dip from ₦221.5 billion achieved in the corresponding period in 2021.
The bank’s audited result for the full year ended December 31, 2022, showed ₦214.2 billion PBT representing 3.3 per cent dip from ₦221.5 billion achieved in the corresponding period in 2021.
on the back of ₦35.6 billion impairment recognized on Ghanaian sovereign securities.
The group’s loan book (net) increased by 4.6 percent from ₦1.80 trillion to ₦1.89 trillion while deposit liabilities grew by 11.6 per cent from ₦4.13 trillion to ₦4.61 trillion within the same period.
Group’s total assets and shareholders’ funds closed at ₦6.45 trillion and ₦931.1 billion, respectively while Capital Adequacy Ratio (CAR) stood at 24.1 percent.
Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to
5.2 per cent from 6.0 per cent posted in 2021.
However, the Cost of Risk (COR) inched up marginally
to 0.6 per cent in 2022 from 0.5 per cent recorded in the previous year due to the impact of worsened macros on PDs.
Group Chief Executive Officer of the bank, Segun Agbaje, said; “Our ability to successfully navigate the peculiar challenges in the
different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.
“Despite the varying challenges and headwinds that weighed on
growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”
He said the year 2022 was quite significant to the bank being the first year after its corporate restructuring into a financial holding company which took place in August 2021.
Group’s total assets and shareholders’ funds closed at ₦6.45 trillion and ₦931.1 billion, respectively while Capital Adequacy Ratio (CAR) stood at 24.1 percent.
Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to
5.2 per cent from 6.0 per cent posted in 2021.
However, the Cost of Risk (COR) inched up marginally
to 0.6 per cent in 2022 from 0.5 per cent recorded in the previous year due to the impact of worsened macros on PDs.
Group Chief Executive Officer of the bank, Segun Agbaje, said; “Our ability to successfully navigate the peculiar challenges in the
different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.
“Despite the varying challenges and headwinds that weighed on
growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”
He said the year 2022 was quite significant to the bank being the first year after its corporate restructuring into a financial holding company which took place in August 2021.
“Today, across our banking,
payment, funds management, and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.
According to him, the bank will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving its
vision of leading financial services in Africa.
“Overall, the group continues to post one 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 23.6 per cent, Pre-Tax Return on Assets (ROAA) of 3.6 per cent, full impact Capital Adequacy Ratio (CAR) of 24.1 per cent and cost to income ratio of 48.0 per cent.
GTCO is a financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in payment, funds management and pension fund administration.
payment, funds management, and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.
According to him, the bank will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving its
vision of leading financial services in Africa.
“Overall, the group continues to post one 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 23.6 per cent, Pre-Tax Return on Assets (ROAA) of 3.6 per cent, full impact Capital Adequacy Ratio (CAR) of 24.1 per cent and cost to income ratio of 48.0 per cent.
GTCO is a financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in payment, funds management and pension fund administration.
