GTCO Plc reports profit before tax of N169.7bn for Q3 2022

Guaranty Trust Holding Company Plc (GTCO) has announced profit before tax (PBT) of ₦169.7billion in its unaudited consolidated and separate financial statements for the period ended September 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
 
According to the Group, the PBT represents an increase of 11.7% over ₦151.9billion recorded in the corresponding period ended September 2021. The Group’s loan book (net) increased by 2.2% from ₦1.80trillion recorded as of December 2021 to ₦1.84trillion in September 2022, while deposit liabilities increased by 6.4% from ₦4.13trillion in December 2021 to ₦4.39trillion in September 2022.
 
The Group’s balance sheet with total assets and shareholders’ funds closed at ₦5.81trillion and ₦872.8billion respectively. Strong Capital Ratios and Asset Quality were sustained as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7%, 5.6%, and 0.2% in September 2022 from 23.8%, 6.0%, and 0.5% in December 2021 respectively.
 
Commenting on the results, the group chief executive officer of GTCO Plc, Segun Agbaje, said: “The Group’s 3rd quarter result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our operating environment. We have also kept in focus our vision of supporting small and medium enterprises specifically through our free business platforms to help them stay in business and expand their offerings. With our non-banking businesses fully operational alongside our core banking subsidiary, we are well positioned to maximise our earnings potential going into the 4th quarter of the year.”
 
He further stated, “In creating a thriving financial services ecosystem, our goal is to offer great experiences to all who interact with our brand whilst continually enhancing access to innovative financial solutions for individuals and businesses across Africa. We are appreciative of all our customers and other stakeholders who are with us on this journey of building a truly global African financial services institution.”