For the period ended June 30, 2023, Guaranty Trust Holding Company (GTCO) Plc has released its audited consolidated and separate financial statements to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
Within the period, the group reported profit before tax of ₦327.4billion, representing an increase of 217.1% over ₦ 103.2 billion recorded in the corresponding period ended June 2022.
The Group’s total assets and shareholders’ funds closed at ₦8.5trillion and ₦1.2 trillion, respectively.
Full Impact Capital Adequacy Ratio (CAR) also closed at 24.7%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.6% in June 2023 from 5.2% in December 2022.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our half-year audited results reflect the strong business fundamentals underpinning the GTCO franchise, the quality of our past decisions in future-proofing our balance sheet for challenging times and the sound practices that guide our day-to-day operations.
Despite the challenges in the business environment, notably inflationary pressures, and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure. Improved profitability and solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development and our people.
“We recognize the impact prevailing economic and market conditions have on people and livelihoods and we remain committed to seeking better outcomes for our customers, by ensuring that our products and service offerings support our customers and their businesses through their evolving realities, whilst also taking every opportunity to optimize stakeholder value.
