GTCO Reports Net Interest Income Of N220.6 Billion For FY’21

Against N253.7 billion recorded in 2020, Guaranty Trust Holding Company (GTCO) has closed December 31, 2021, with a net interest income of N220.6 billion.

According to the audited financial statements of the financial services group, Profit before income tax fell to N221.5 billion from N238.1 billion while post-tax profit was N174.8 billion, 13.2 percent lower than what it posted in 2020.

Investors King gathered that GTCO increased its deposits from customers by 14.3 percent in the period under review to N4.0 trillion from N3.5 trillion in the 2020 fiscal year.

While the loan book jumped to N1.8 trillion from N1.7 trillion, the bank was able to raise revenue from fees and commissions to N74.1 billion, higher than N53.2 billion raised in the same period of 2020.

GTCO’s Chief Executive Officer, Mr Segun Agbaje who spoke on the audited statements, noted that in spite of various challenges, as well as shifting economic conditions faced by the bank, it continues to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.

“Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our stakeholders in spite of the challenges in the business environment and shifting economic conditions. As a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”

“2021 presented a crucial opportunity as we took strategic steps to reorganize our business and advance our position as a leading financial services company.

“With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments.

“Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa”, he said.

Meanwhile, the group said the company’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing 2021 at ₦5.44 trillion and ₦883.2 billion, respectively.

Also, the cost of Risk improved to 0.5 percent from 1.2 percent during the same period.