GTCO Records 214 Billion Profit

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For the financial year ended December 31, 2022, Guaranty Trust Holding Company Plc on Friday announced a profit before tax of N214.2 billion.

The company made this known in its audited financial result released in Friday. 

The decrease in profit before tax, according to results made available to the Nigerian Exchange Group and London Stock Exchange, represented a 3.3 per cent dip from N221.5 billion posted in the corresponding year ended December 2021.

It, however, attributed the decrease in PBT to N35.6 billion impairment recognised on Ghanaian sovereign securities.

The Group’s loan book (net) increased by 4.6 per cent from N1.80 trillion as at December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6 per cent from N4.13 trillion to N4.61 trillion during the same period.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said, “This underscores our strong business fundamentals and unwavering commitment to sound business strategies.

“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”

He further stated that 2022 was quite significant for the Group being the first year after its corporate restructuring into a financial holding company in August 2021.

“Today, across our banking, payment, funds management, and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.

“We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa,” the CEO said.

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