Guaranty Trust Holding Company Profit Drops by 19 Percent in H1 2021

Guaranty Trust Holding Company Plc, formerly known as Guaranty Trust Bank Plc, has reported a 18.7 percent drop in profit after tax from N94.3 billion filed in the first half (H1) of 2020 to N79.4 billion in the first half of 2021.

In the company financial statement obtained by Investors King, profit before tax also moderated to N93.1 billion, a 15.18 percent decrease when compared to N109.7 billion achieved in the corresponding period of 2020.

The group, however, grew transactional income by 44.7 percent to N38.3 billion in the period under review, up from N26.5 billion in H1 2020. Total assets stood at N5.017 trillion, largely driven by 4 percent increase in deposit liabilities from N3.611 trillion in December 2020 to N3.755 trillion in June 2021 and a marginal drop in loans by 1.8 percent to ₦1.632trillion in June 2021, down from N1.663 trillion recorded as at December 2020.

Mr Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, who spoke on the financial statement, said; “The results reflect our commitment to building on our track record of solid financial performance, and our capability to constantly innovate will ensure we stay ahead of the curve at all times. We are counting on the enduring support of our loyal customers and the hard work of our dedicated staff to continually make end-to-end financial services easily accessible to everyone and to create the best outcomes for all our customers and the communities in which we operate.”

He further stated that; “Looking forward, we are focused on bringing to bear the full benefits of our new corporate structure by consolidating our leading position in all the economies where our franchise operates. We will also diversify our earnings from core banking, continue to empower businesses across Africa and beyond, and generate long-term returns for our shareholders.”