GTCO Records 7% Drop in Profit

Guaranty Trust Holding Company Plc (GTCO Plc) says it recorded a profit before tax of ₦221.5 billion in its audited financial report for the year ending December 31, 2021, released on Sunday.

The company released the financial report to the Nigerian and London stock exchanges, noting that the profit before tax of ₦221.5 billion represents a dip of 7.0 per cent from ₦238.1 billion recorded in December 2020.

According to the company, its balance sheet remained well-structured and resilient, with total assets and shareholders’ funds closing 2021 at ₦5.44 trillion and ₦883.2 billion, respectively.

In accordance with International Financial Reporting Standards (IFRS), the full impact Capital Adequacy Ratio (CAR) closed at 23.8 per cent, while the Non-Performing Loan (NPL) ratio was 6.92 per cent.

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This represents a marginal improvement over IFRS 6.4% impaired ratio and a slight increase over 6.86% CBN Prudential Guideline NPL ratio in 2020.

This represents a marginal improvement over IFRS 6.4% impaired ratio and a slight increase over 6.86% CBN Prudential Guideline NPL ratio in 2020.

Cost of Risk also increased to 0.5% from 1.2% during the same period, according to the statement.

During this time, its loan book (net) grew by 8.4% from ₦1.66 trillion, while deposit liabilities grew by 14.4% from ₦3.61 trillion to ₦4.13 trillion.

Segun Agbaje, the Group Chief Executive Officer, GTCO Plc said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our stakeholders, in spite of challenges in the business environment and shifting economic conditions.

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“As a group, we have continued to explore newer ways to connect with customers and better our communities by offering greater and more rewarding experiences.

“With the recent addition of Pension Fund and Wealth Management businesses to the group, we are well on our way to rapidly scale operations and strengthen foothold in the key industry segments.

“Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.” 


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