Business
GTCO Plc’s 2023 Audited Results: Financial Milestones.
GTCO Plc’s 2023 Audited Results: Financial Milestones.
Guaranty Trust Holding Company Plc (GTCO) recently unveiled its Audited Consolidated and Separate Financial Statements for the fiscal year ending December 31, 2023. The announcement, made to both the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), showcased remarkable financial performance and strategic advancements across the Group’s various business verticals.
One of the standout figures from the report was the Group’s impressive profit before tax of ₦609.3 billion, marking a substantial 184.5% surge from the previous year’s figure of ₦214.2 billion. This remarkable growth underscores GTCO’s resilience and strategic acumen in navigating a challenging economic landscape throughout 2023.
Furthermore, key indicators such as the Group’s loan book and deposit liabilities witnessed significant upticks, with the loan book (net) expanding by 31.5% to ₦2.48 trillion and deposit liabilities growing by 63.7% to ₦7.55 trillion. These figures reflect GTCO’s robust financial position and its ability to attract and manage substantial capital flows effectively.
The Group’s balance sheet remained solidly structured, diversified, and resilient, with total assets and shareholders’ funds closing at ₦9.7 trillion and ₦1.5 trillion, respectively. Notably, the Full Impact Capital Adequacy Ratio (CAR) stood strong at 21.9%, underscoring the Group’s financial stability and risk management practices.
In his remarks on the financial results, Mr. Segun Agbaje, the Group Chief Executive Officer of GTCO, highlighted the challenging operating environment of 2023 and commended the Group’s adaptability and performance across its banking and non-banking business verticals. He emphasized the importance of innovation and customer-centricity in driving sustainable growth and enhancing stakeholder value.
Mr. Agbaje also acknowledged the impact of regulatory reforms, global uncertainties, and heightened competition on the financial services industry, emphasizing GTCO’s commitment to leveraging its strengths and capabilities to seize opportunities and deliver value to its diverse stakeholders.
The Group’s exceptional financial ratios, including Pre-Tax Return on Equity (ROAE) of 50.6%, Pre-Tax Return on Assets (ROAA) of 7.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9%, and Cost to Income ratio of 29.1%, position GTCO as a top performer in the Nigerian Financial Services sector. These metrics underscore the Group’s efficiency, profitability, and prudent risk management practices.
GTCO’s strategic footprint extends beyond Nigeria to encompass West Africa, East Africa, and the United Kingdom, with a diverse range of banking and non-banking services offered through subsidiaries such as HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. The Group’s commitment to empowering individuals and communities has garnered prestigious accolades, including recent recognitions such as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence.
As GTCO charts its course amidst evolving market dynamics and competitive landscapes, the Group remains steadfast in its pursuit of sustainable growth, operational excellence, and stakeholder value creation. With a track record of financial prudence, innovation, and customer-centricity, GTCO is well-positioned to capitalize on emerging opportunities and deliver long-term value across its diverse business operations.
In conclusion, GTCO’s 2023 full-year audited results underscore its financial strength, strategic resilience, and commitment to excellence in the financial services industry. As a leading player with a global presence and a focus on innovation and customer satisfaction, GTCO continues to set benchmarks for performance and value creation, reaffirming its position as a trusted partner for individuals, businesses, and communities alike.
