Guaranty Trust Holding Company Plc recorded profit before tax of ₦214.2billion in the year ended December 31, 2022.
This, is according to the the Group’s Audited Consolidated and Separate Financial Statement sent to the Nigerian Exchange Group(NGX) and London Stock Exchange (LSE).
The performance represented 3.3% dip from ₦221.5billion posted in the corresponding year ended December 2021 on the back of ₦35.6bn impairment recognised on Ghanaian sovereign securities.
“The loan book (net) increased by 4.6% from ₦1.80trillion as at December 2021 to ₦1.89trillion in December 2022, while deposit liabilities grew by 11.6% from ₦4.13trillion to ₦4.61trillion during the same period.
“The balance sheet remains well-structured and resilient with total assets and shareholders’ fundsclosing at ₦6.45trillion and ₦931.1billion, respectively. Capital Adequacy Ratio (CAR) remained very strong, closing at 24.1%.
“The asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs)improved to 5.2% in December 2022 from 6.0% in December 2021, however, Cost of Risk (COR) inchedup marginally to 0.6% in FY-2022 from 0.5% in December 2021 due to impact of worsened macros on PDs,” the Group narrated in the report.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc(GTCO Plc), Mr. Segun Agbaje, said; “Our ability to successfully navigate the peculiar challenges in thedifferent markets where we operate underscores our strong business fundamentals and unwaveringcommitment to sound business strategies. Despite the varying challenges and headwinds that weighed ongrowth in 2022, we were determined to deliver a decent performance and scale effectively to strengthenour competitive edge and drive long-term growth.”
He further stated; “As an organisation, 2022 was quite significant for us being the first year after ourcorporate restructuring into a financial holding company in August 2021. Today, across our Banking,Payment, Funds Management, and Pension businesses, we have successfully built a robust ecosystemwith immense potential to deepen our addressable market and create more value for all our stakeholders.We will continue to prioritise innovation, service excellence, and execute seamlessly towards achievingour vision of leading financial services in Africa.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry interms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 23.6%, Pre-Tax Return on Assets(ROAA) of 3.6%, Full Impact Capital Adequacy Ratio (CAR) of 24.1% and Cost to Income ratio of 48.0%.
