Guaranty Trust Holding Company Plc has announced an increase in its gross earnings from N119.59 billion in 2022 to N158.09 billion representing a 32.2 per cent increase for the first quarter of 2023 despite strong operational headwinds.
This was according to its Unaudited Financial Statements for the period ended March 31, 2023, released to the Nigerian Exchange Group (NGX).
The bank also recorded a profit before tax of N74.1 billion, representing an increase of 36.5 per cent over N54.3 billion recorded in the corresponding period ended March 2022.
The group’s profit after tax (PAT) grew by 34.6 per cent from N43.21 billion recorded in 2022 to N58.17 billion. The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N6.7 trillion and N975.6 billion, respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4 and 0.2 per cent in March 2023 from 5.2 per cent and 0.6 per cent in December 2022, respectively.
However, its loan book (net) dipped by 1.5 per cent from N1.88 trillion recorded as at December 2022 to N1.86 trillion in March 2023, while deposit liabilities increased by 9.9 per cent from N4.61 trillion in December 2022 to N5.07 trillion in March 2023.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Segun Agbaje, said that the group’s Q1 2023 results reflect the strength of the GTCO franchise, the quality of its decision-making, and the unfolding success of its 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.”
“2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses. We are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base”, Agbaje said.