Guaranty Trust Holding Company (GTCO) Plc had a rise in profit before tax of 36.5% to N74.1 billion for the first quarter ended March 2023 Q1’2023, as compared to N54.3 billion for the same period in Q1’2022.
This information was included in the company’s unaudited consolidated and separate financial statements for the first quarter of 23 that were released to the London Stock Exchange (LSE) and Nigerian Exchange Limited (NGX). The financial accounts showed that while deposit liabilities climbed by 9.9% from N4.61 trillion in December 2022 to N5.07 trillion in March 2023, the group’s loan book (net) fell by 1.5% to N1.86 trillion in March 2023 from N1.88 trillion recorded as at December 2022.
With total assets and shareholders’ funds closing at N6.7 trillion and N975.6 billion, respectively, the Group’s balance sheet remained robustly constituted. Asset quality was maintained as the IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4% and 0.2% in March 2023 from 5.2% and 0.6% in December 2022, respectively. Full Impact Capital Adequacy Ratio (CAR) remained extremely strong, finishing at 23.2%.
Segun Agbaje, Group Chief Executive Officer of GTCO Plc, commented on the results, saying that they “reflect the strength of the GTCO franchise, the caliber of our decision-making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa. We managed to generate a respectable result despite significant challenges, generating growth across major revenue streams. We also won’t give up on our goal of improving things for consumers and businesses in our financial ecosystem.
