Connect with us

Hi, what are you looking for?

News

GTCO Plc Announces Full-Year Audited Results for 2022…

GTB Ghana reacts to suspension, says we are working with relevant agencies to resolve trade issues
Gtbank logo

Reports a profit before tax of 214.2 billion and a dividend of 3.10 per share for the fiscal year, Lagos, Nigeria – April 20, 2023 Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange its Audited Consolidated and Separate Financial Statements for the fiscal year ended December 31, 2022. (LSE).

The Group reported a profit before tax of 214.2 billion, a 3.3% decrease from the corresponding year ended December 2021 profit of 221.5 billion, due to a 35.6 billion impairment recognised on Ghanaian sovereign securities.

The Group’s loan book (net) increased by 4.6% from 1.80 trillion in December 2021 to 1.89 trillion in December 2022, while deposit liabilities increased by 11.6% during the same period, from 4.13 trillion to 4.61 trillion.

The Group’s balance sheet is still well-structured and resilient, with total assets and shareholder funds closing at 6.45 trillion and 931.1 billion, respectively. The Capital Adequacy Ratio (CAR) remained extremely high, closing at 24.1%. Similarly, asset quality was maintained as the IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2% in December 2022 from 6.0% in December 2021; however, the Cost of Risk (COR) increased marginally to 0.6% in FY-2022 from 0.5% in December 2021 due to the impact of worsening macroeconomic conditions on PDs.

The Group reported a profit before tax of 214.2 billion, a 3.3% decrease from the corresponding year ended December 2021 profit of 221.5 billion, due to a 35.6 billion impairment recognised on Ghanaian sovereign securities.

Mr. Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), commented on the results, saying, “Our ability to successfully navigate the peculiar challenges in the various markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.”

Despite the various challenges and headwinds that weighed on growth in 2022, we were determined to deliver a solid performance and scale efficiently in order to strengthen our competitive edge and drive long-term growth.”

“As an organisation, 2022 was quite significant for us because it was the first year after our corporate restructuring into a financial holding company in August 2021,” he added. Today, we have successfully built a robust ecosystem across our Banking, Payment, Funds Management, and Pension businesses, with enormous potential to expand our addressable market and create more value for all of our stakeholders.

We will continue to prioritise innovation, service excellence, and seamless execution in order to achieve our vision of being Africa’s leading financial services provider.”

READ ALSO: Early Childhood Education: Nurturing Young Minds for a Bright Future

Overall, the Group maintains one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios, including a pre-tax return on equity (ROAE) of 23.6%, a pre-tax return on assets (ROAA) of 3.6%, a full impact capital adequacy ratio (CAR) of 24.1%, and a cost-to-income ratio of 48.0%.

GTCO is a leading financial services conglomerate with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom, as well as new businesses in payment, funds management, and pension fund administration. Its banking industry leadership and efforts to empower people and communities have earned it numerous prestigious awards over the years.

The Group reported a profit before tax of 214.2 billion, a 3.3% decrease from the corresponding year ended December 2021 profit of 221.5 billion, due to a 35.6 billion impairment recognised on Ghanaian sovereign securities.

The bank was recently named Africa’s Best Bank and Nigeria’s Best Bank at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in The Brand Africa 100: Africa’s Best Brands 2021 ranking.

Corporate Group Communication

01-2715227

You May Also Like

News

TOUCHAHEART – On June 14, three brothers, Abbas Fouani, Youssef Fouani, and Amtal Fouani, were abducted while returning from their factory by boat in...

Entertainment

TOUCHAHEART – Eedris Abdulkareem’s latest single, ‘Emilokan’, has sparked controversy as he directly challenges Pastor Enoch Adeboye, General Overseer of the Redeemed Christian Church...

Business

On Thursday June 20, Nigeria’s 6th largest bank, Fidelity Bank Plc will open its public offer and Rights Issue. According to an article on...

Politics

TOUCHAHEART – Labour Party presidential candidate Peter Obi has vehemently opposed the federal government’s consideration to purchase new aircraft for the presidency, citing the...