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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and
Separate Financial Statements for the period ended June 30, 2022, to the Nigerian Exchange Group
(NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of ₦103.2billion, representing an increase of 11.0% over ₦93.1billion
recorded in the corresponding period ended June 2021. The Group’s loan book (net) increased by 1.8%
from ₦1.80trillion recorded as at December 2021 to ₦1.83trillion in June 2022 while deposit liabilities
increased by 6.4% from ₦4.13trillion in December 2021 to ₦4.39trillion in June 2022.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’
funds closing at ₦5.7trillion and ₦845.7billion, respectively. Full Impact Capital Adequacy Ratio (CAR)
stayed very strong, closing at 22.0%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio
and Cost of Risk (COR) closed at 6.2% and 0.2% in June 2022 from 6.0% and 0.5% in December 2021,
respectively.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc
(GTCO Plc), Mr. Segun Agbaje, said; “Our results show an increase in key revenue lines and a strong
performance in other financial metrics which reinforce our growth prospects as a leading financial services
company. Our priority at the start of the 2022 financial year was to bring the Group’s new businesses on-
stream, starting strong with a focus on long-term viability. At present, we have successfully expanded our
financial services ecosystem to include HabariPay Ltd, Guaranty Trust Fund Managers Ltd, and Guaranty
Trust Pension Managers Ltd, and all of them are P&L positive.”
He further stated that, “These newly created businesses will operate alongside our flagship banking
franchise to offer increased value to our growing customer base as well as other stakeholders. We will
continue to build on our core strengths of service excellence, innovation, and flawless execution to deliver
our corporate objectives for the year and further our vision of being Africa’s leading financial services
institution.”
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 23.9%, Pre-Tax Return on Assets
(ROAA) of 3.7%, Full Impact Capital Adequacy Ratio (CAR) of 22.0% and Cost to Income ratio of 49.1%.
GTCO Plc is a fully-fledged financial services group with banking operations across West and East Africa
and the United Kingdom as well as non-banking businesses in several key industry segments including
Payment, Funds Management and Pension Fund Management. With ₦5.7trillion in assets and over 28
million customers, the Group remains one of the most profitable and best managed financial services
companies out of Nigeria providing commercial banking services and non-banking financial services
across eleven countries. Its leadership in the banking industry and efforts at empowering people and
communities has earned it many prestigious awards over the years including Best Banking Group in
Nigeria and Most Innovative Bank in Nigeria at the 2022 World Finance Banking Awards. It also retained
its position as Africa’s Most Admired Financial Services Brand in the 2022 ranking of The Brand Africa
100: Africa's Best Brands.
