GTCO Records Decrease In Profit

Guaranty Trust Holding Company Plc on Friday announced a profit before tax of N214.2 billion, representing a 3.3 per cent decrease compared to N221.5 billion posted in the corresponding year ended December 2021.

The Company revealed this in its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2022.

According to results made available to the Nigerian Exchange Group and London Stock Exchange, the decrease in profit before tax is due 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.

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

Similarly, non-profit loans improved to 5.2 per cent in December 2022 from six per cent in December 2021.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, 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.”