GTCO Report N6.45 Trillion for Total Assets, Declares N214.2bn Profit in 2022

Bukola Olanrewaju April 25, 2023 BUSINESS, Banking and Finance Leave a comment

In its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), the Guaranty Trust Holding Company Plc, GTCO has reported its total assets for the period closed at N6.45 trillion.

The group declared a dividend of N3.10 per share even as its Profit Before Tax, PBT, dipped by 3.3% to N214.2 billion for the financial year 2022 as against N221.5 billion in 2021.

GTCO drop in profit came on the back of N35.6 billion impairment recognised on Ghanaian sovereign securities.

The Group’s loan book (net) increased by 4.6% from N1.8 trillion as at December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6% from N4.13 trillion to N4.61 trillion during the same period. The Group’s balance sheet remains well-structured and resilient with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion respectively.

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Capital Adequacy Ratio (CAR) remained very strong, closing at 24.1%. Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2% in December 2022 from 6.0% in December 2021, however, Cost of Risk (COR) inched up marginally to 0.6% in 2022 from 0.5% in December 2021.

Commenting on the results, the Group Chief Executive Officer of GTCO Plc, Mr. Segun Agbaje, said; “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. 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.”

Overall, the GTCO Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 23.6%, Pre-Tax Return on Assets (ROAA) of 3.6%, Full Impact Capital Adequacy Ratio (CAR) of 24.1% and Cost to Income ratio of 48.0%.