“GTCO Plc Reports Stellar 184.5% Surge in Profit Before Tax for 2023”


Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has unveiled its audited consolidated and separate financial statements for the fiscal year ending December 31, 2023, to both the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

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The Group reported a remarkable profit before tax of ₦609.3 billion, marking a substantial 184.5% surge from ₦214.2 billion recorded in the previous year.

Notably, the Group’s loan book (net) soared by 31.5% from ₦1.89 trillion in December 2022 to ₦2.48 trillion in December 2023, while deposit liabilities surged by 63.7% from ₦4.61 trillion to ₦7.55 trillion during the same period.

Maintaining a well-structured, diversified, and resilient balance sheet, the Group concluded with total assets and shareholders’ funds amounting to ₦9.7 trillion and ₦1.5 trillion, respectively.

The Full Impact Capital Adequacy Ratio (CAR) remained robust at 21.9%, while asset quality improved as IFRS 9 Stage 3 Loans decreased to 4.2% in December 2023 from 5.2% in December 2022.

However, the Cost of Risk (COR) rose to 4.5% from 0.6% in December 2022 due to worsening macros leading to a significant increase in Expected Credit Loss (ECL) variables.

Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, expressed satisfaction with the results, highlighting the challenging operational landscape of 2023.

He emphasized the Group’s resilient performance, leveraging synergies across banking and non-banking business verticals, including HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

Agbaje also underscored the Group’s commitment to innovation and customer experience, evidenced by the successful redesign and upgrade of the mobile banking application, GTWorld.

Looking ahead, Agbaje reaffirmed the Group’s confidence in navigating regulatory reforms, global uncertainties, and heightened competition.

He emphasized the Group’s focus on flawless execution to drive sustainable growth across all operations and deliver long-term value for stakeholders.

With outstanding metrics in the Nigerian Financial Services industry, including a Pre-Tax Return on Equity (ROAE) of 50.6%, Pre-Tax Return on Assets (ROAA) of 7.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9%, and a Cost to Income ratio of 29.1%, the Group continues to set benchmarks for financial excellence.GTCO, a leading financial services group with operations spanning Nigeria, West Africa, East Africa, and the United Kingdom, remains committed to empowering people and communities.

Its exemplary leadership and dedication to corporate social responsibility have earned numerous prestigious awards, including Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, among others.

GTCO’s Guaranty Trust Bank is also prominently featured in The Banker’s Top 1000 Banks in the World and Top 100 Banks in Africa rankings.

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