Banking Sector
Guaranty Trust Holding Company’s Profit Before Tax Skyrockets to N433.2 Billion, Up 155.2%
Guaranty Trust Holding Company Plc has announced a 155.2% increase in profit before tax to N433.2 billion for the period ending September 30, 2023.
This substantial growth when compared to N169.7 billion recorded in the same period in 2022 underscores the company’s resilience and continued financial strength.
The Group’s loan book (net) surged by 17.7%, increasing from N1.89 trillion in December 2022 to N2.22 trillion in September 2023.
While deposit liabilities saw a substantial uptick, rising by 37.9% from N4.61 trillion in December 2022 to N6.36 trillion in September 2023.
Guaranty Trust Holding Company’s balance sheet remained robust and well-structured as total assets and shareholders’ funds stood at N8.6 trillion and N1.3 trillion, respectively.
The company’s Full Impact Capital Adequacy Ratio remained strong at 25.1% while asset quality continued to be sound with IFRS 9 Stage 3 Loans improving to 3.8% in September 2023, down from 5.2% in December 2022.
However, the Cost of Risk increased to 4.1% from 0.6% in December 2022 due to a conservative approach to provisioning as economic conditions evolved year-on-year.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said, “Our third quarter performance underpins our strategic positioning as a leading financial holding company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment.
“Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value.
“We are proud of our work towards Promoting Enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through our consumer-focused fairs.”