• Companies
  • Updated: May 03, 2023

GTCO Records N74 Billion Profit

GTCO Records N74 Billion Profit

Guaranty Trust Holding Company Plc has recorded a  profit before tax of ₦74.1billion, representing an increase of 36.5% over ₦54.3billion recorded in the corresponding period ended March 2022.

The Group disclosed this in its Financial result for the period ended March 31, 2023, released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group’s loan book (net) dipped by 1.5% from ₦1.88trillion recorded as of December 2022 to ₦1.86trillion in March 2023, while deposit liabilities increased by 9.9% from ₦4.61trillion in December 2022 to ₦5.07trillion in March 2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦6.7trillion and ₦975.6billion, respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Segun Agbaje, said; “Our first quarter results reflect the strength of the GTCO franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa.

"Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines.

"We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.”

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