Guaranty Trust Holding Company Plc has reported a 587.5 per cent growth in its profit before tax, which it posted N509.3bn in the first quarter that ended March 2024, compared to the same quarter in 2023.
This was indicated in its unaudited results for the first quarter filed with the Nigerian Exchange Limited
The banking group’s profit before tax rose to N509.3bn, representing an increase of 587.5 per cent compared to N74.1bn in the corresponding period that ended March 2023.
The Group’s balance sheet also grew in the period under review with total assets and shareholders’ funds closing at N13tn and N2tn, respectively.
GTCO disclosed that its loan book (net) increased by 21.9 per cent from N2.48tn as of December 2023 to N3.02tn in March 2024, while deposit liabilities increased by 26.0 per cent from N7.55tn in December 2023 to N9.51tn in March 2024.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said, “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meet our full-year guidance.”
“Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our well-attested free business platforms as well as innovative products and services. We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders,” Agbaje added.
In its annual reports for 2023, the Group reported profit before tax of N609.3bn, representing an increase of 184.5 per cent over N214.2bn recorded in the corresponding year ended December 2022.
Also, to meet the new Central Bank of Nigeria capital requirement, GTCO has announced plans to raise the additional capital of up to $750m through the issuance of securities comprising ordinary shares, preference shares, convertible and non-convertible notes, bonds or any other instruments, in the Nigerian and/or international capital markets.
