GTCO Plc Releases 2022 Full Year Audited Result

…Reports Profit Before Tax Of N214.2billion And FY Dividend Of N3.10

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2022, to the Nigerian Exchange Group(NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ?214.2billion, representing 3.3% dip from ?221.5billion posted inthe corresponding year ended December 2021 on the back of ?35.6bn impairment recognised onGhanaian sovereign securities.

The Group’s loan book (net) increased by 4.6% from ?1.80trillion as at December 2021 to ?1.89trillion inDecember 2022, while deposit liabilities grew by 11.6% from ?4.13trillion to ?4.61trillion during the sameperiod.The Group’s 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 verystrong, closing at 24.1%. Similarly, 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.

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%.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa,United Kingdom alongside new businesses in Payment, Funds Management and Pension FundAdministration. Its leadership in the banking industry and efforts at empowering people and communitieshas earned it many prestigious awards over the years. Recently, the Bank was recognized as Africa’sBest Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained itsposition as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100 Africa’s Best Brands.