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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and
Separate Financial Statements for the year ended December 31, 2022, to the Nigerian Exchange Group
(NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of ₦214.2billion, representing 3.3% dip from ₦221.5billion posted in
the corresponding year ended December 2021 on the back of ₦35.6bn impairment recognised on
Ghanaian sovereign securities.
The Group’s loan book (net) increased by 4.6% from ₦1.80trillion as at December 2021 to ₦1.89trillion in
December 2022, while deposit liabilities grew by 11.6% from ₦4.13trillion to ₦4.61trillion during the same
period.
The Group’s balance sheet remains well-structured and resilient with total assets and shareholders’ funds
closing at ₦6.45trillion and ₦931.1billion, respectively. Capital Adequacy Ratio (CAR) remained very
strong, closing at 24.1%. Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs)
improved to 5.2% in December 2022 from 6.0% in December 2021, however, Cost of Risk (COR) inched
up marginally to 0.6% in FY-2022 from 0.5% in December 2021 due to impact of worsened macros on
PDs.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc
(GTCO Plc), Mr. 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 further stated; “As an organisation, 2022 was quite significant for us being the first year after our
corporate restructuring into a financial holding company 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.
We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving
our 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%, Pre-Tax Return on Assets
(ROAA) of 3.6%, Full Impact Capital Adequacy Ratio (CAR) of 24.1% and Cost to Income ratio of 48.0%.
GTCO is a leading 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. Its leadership in the banking industry and efforts at empowering people and communities
has earned it many prestigious awards over the years. Recently, the Bank was recognized as Africa’s
Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its
position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100:
Africa's Best Brands.
