GTCO Plc Reports Record-Breaking 2024 Half-Year Results with ₦1.004 Trillion Profit Before Tax
Guaranty Trust Holding Company Plc (GTCO) has announced its audited financial results for the half-year period ending June 30, 2024, reporting an unprecedented profit before tax (PBT) of ₦1.004 trillion. This historic achievement marks GTCO as the first Nigerian financial institution to cross the ₦1 trillion profit milestone. The figure represents a remarkable 206.6% increase from the ₦327.4 billion PBT recorded during the same period in 2023.
The company’s growth extends beyond profitability, with a significant expansion in its loan book, which grew by 25.5% from ₦2.48 trillion in December 2023 to ₦3.11 trillion by June 2024. Deposit liabilities also surged by 39.8%, rising from ₦7.55 trillion in December 2023 to ₦10.55 trillion by mid-2024. These gains highlight GTCO’s continued dominance in the Nigerian financial sector.
GTCO’s diverse business portfolio, encompassing banking, payments, pensions, and funds management, contributed to its strong financial performance. The group’s total assets and shareholders’ funds stood at ₦14.5 trillion and ₦2.4 trillion, respectively. Its capital adequacy ratio (CAR) remained robust at 21.0%, while asset quality improved marginally, with IFRS 9 Stage 3 Loans closing at 4.3%, slightly up from 4.2% in December 2023.
Reflecting on the company’s performance, GTCO’s Group Chief Executive Officer, Mr. Segun Agbaje, expressed confidence in the future. “We are immensely proud of the progress we have made as a leading financial holding company. Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model,” Agbaje said.
Agbaje also emphasized the company’s long-term strategy, stating, “We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–Banking, Funds Management, Pension, and Payments–for rapid growth across key markets.”
GTCO has long been recognized for its leadership in the Nigerian financial services industry, and its latest results reinforce its standing. The Group posted some of the best metrics in the sector, with a pre-tax return on equity (ROAE) of 103.6%, a pre-tax return on assets (ROAA) of 16.6%, and a cost-to-income ratio of 16.7%.
Headquartered in Lagos, Nigeria, GTCO Plc operates in 10 countries across Africa and the United Kingdom. It has received numerous accolades for its innovation and leadership in the banking industry, including being named a twelve-time winner of Euromoney’s Best Bank in Nigeria award and recently recognized as Nigeria’s Strongest Brand and Best Banking Group.
With these record-breaking financial results, GTCO Plc remains at the forefront of the Nigerian banking industry, poised for continued growth and success across its business verticals.
