GTCO Bank’s Loan Book Rises To N1.83trn
The net loan book of Guaranty Trust Holding Company (GTCO) Plc rose by 1.8 per cent from N1.80 trillion recorded as of December 2021 to N1.83 trillion in June 2022, the bank’s Audited Consolidated and Separate Financial Statements for the period ended June 30, 2022, has shown.
According to the result released on Monday, GTCO deposit liabilities also increased by 6.4 per cent from N4.13 trillion in December 2021 to N4.39trillion in June 2022. The group profit before tax grew by 11 per cent to N103.2 billion from N93.1 billion recorded in the corresponding period ended June 2021.
GTCO also maintained a good posture as the group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.7 trillion and N845.7 billion, respectively.
Full impact Capital Adequacy Ratio (CAR) stayed very strong, closing at 22.0 per cent, while asset quality was sustained as International Financial Reporting Standards (IFRS) 9 Stage 3 loans ratio and cost of risk (COR) closed at 6.2 per cent and 0.2 per cent in June 2022 from six per cent and 0.5 per cent in December 2021, respectively.
In a statement on Monday, the Group Chief Executive Officer, GTCO, Segun Agbaje, commented, “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.”
Agbaje further said, “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, GTCO continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios, recording pre-tax return on equity (ROAE) of 23.9 per cent, pre-tax return on assets (ROAA) of 3.7 per cent, full impact CAR of 22.0 per cent and cost to income ratio of 49.1 per cent.
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