GTCO Plc Announces Full Year Audited Results for 2022…

Reports an FY Dividend of 3.10 and Profit Before Tax of 214.2 billion, Nigeria’s Lagos in April 2023. The Nigerian Exchange Group (NGX) and London Stock Exchange have received Guaranty Trust Holding Company Plc’s (“GTCO” or the “Group”) audited consolidated and separate financial statements for the year ended December 31, 2022. (LSE).

The Group reported a profit before tax of 214.2 billion, a 3.3% decrease from the 221.5 billion reported in the comparable year ended in December 2021, due to an impairment of 35.6 billion dollars on Ghanaian sovereign securities.

While deposit liabilities increased by 11.6% from 4.13 trillion to 4.61 trillion over the same time period, the Group’s loan book (net) increased by 4.6% from 1.80 trillion as of December 2021 to 1.89 trillion in December 2022.

With total assets and shareholders’ funds closing at $6.45 trillion and $931 billion, respectively, the Group’s balance sheet is still solidly built and resilient. The Capital Adequacy Ratio (CAR), which closed at 24.1%, was still very high.

Similar to this, asset quality was maintained as the IFRS 9 Stage 3 Loans ratio (NPLs) decreased from 6.0% in December 2021 to 5.2% in December 2022; however, the impact of deteriorating macroeconomic conditions on PDs caused the Cost of Risk (COR) to slightly increase from 0.5% in FY-2021 to 0.6% in FY-2022.

Guaranty Trust Holding Company Plc (GTCO Plc) Group Chief Executive Officer Mr. Segun Agbaje commented on the results, saying, “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.

We were determined to deliver a respectable performance and scale effectively despite the various obstacles and headwinds that hindered growth in 2022 in order to sharpen our competitive edge and promote long-term growth.

He continued, “2022 was a big year for us as a company because it was the first year following our corporate restructuring into a financial holding company in August 2021. We have today successfully established a strong ecosystem across our Banking, Payment, Funds Management, and Pension businesses.

This ecosystem has enormous potential to expand our addressable market and increase value for all of our stakeholders. In order to realise our vision of providing the best financial services in Africa, we will keep placing a priority on innovation, service excellence, and seamless execution.

Overall, the Group maintains one of the best metrics in the Nigerian financial services sector for key financial ratios, including Full Impact Capital Adequacy Ratio and Pre-Tax Return on Equity (ROAE) of 23.6% and 3.6%, respectively (CAR) of 24.1% and a 48.0% cost-to-income ratio.

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With banking operations in Nigeria, West Africa, East Africa, and the United Kingdom, GTCO is a well-known provider of financial services. It has also recently entered the payment, funds management, and pension fund administration markets.

It has won numerous prestigious awards over the years for its leadership in the banking sector and work to empower individuals and communities. At the 2021 Euromoney Awards for Excellence, the Bank was recently named Africa’s Best Bank and the Best Bank in Nigeria.

In the ranking of The Brand Africa 100: Africa’s Best Brands for 2021, it also kept its title as Africa’s Most Admired Financial Services Brand.

Corporate Group Communication

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