According to Guaranty Trust Holding Company Plc, it reported a profit before tax of N214.2 billion, a 3.3% decrease from the N221.5 billion achieved in the comparable year ended December 2021.
This information was provided in a statement that was included with the Group’s audited consolidated and separate financial statements for the year ended December 31, 2022, which were made public on the Nigerian Exchange Group and the London Stock Exchange.
This, according to the report, was caused by an impairment of N35.6 billion that was discovered in Ghanaian government debt.
The Group’s net loan book climbed by 4.6% from N1.80 trillion in December 2021 to N1.89 trillion in December 2022, while deposit liabilities increased by 11.6% from N4.13 trillion to N4.61 trillion over the same time frame.
The Group’s balance sheet, which closed at N6.45 trillion in total assets and N931.1 billion in shareholders’ funds, was well-structured and resilient, the statement claims.
“Capital Adequacy Ratio remained very strong, closing at 24.1%,” the report said. Similar to this, asset quality was maintained as the IFRS 9 Stage 3 Loans ratio (NPLs) decreased from 6.0 to 5.2 percent in December 2022. However, because of the impact of worsening macroeconomics on PDs, cost of risk increased slightly from 0.5 to 0.6% in FY-2022.
Guaranty Trust Holding Company 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.
“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 continued, “As an organization, 2022 was fairly significant for us as the first year following our 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 prioritize innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa.”
In terms of important financial ratios like pre-tax return on equity of 23.6%, pre-tax return on assets of 3.6%, full impact capital adequacy ratio of 24.1%, and cost to income ratio of 48.0%, the Group continued to report one of the best metrics in the Nigerian financial services industry, according to the statement.
