By Nkiruka Nnorom
Guaranty Trust Holding Company (GTCO) Plc has reported N54.3 billion in Profit Before tax (PBT) for the first quarter (Q1) ended March 31, 2022, representing 1.1 per cent increase compared to N53.7 billion posted in the corresponding period of 2021.
The Group’s unaudited financial statement for the period simultaneously released to the Nigerian Exchange Limited (NGX) and the and London Stock Exchange (LSE), showed that its deposit liabilities rose to N4.16 trillion, a 0.7 per cent increase over N4.13 trillion posted in Q1’2021.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.50 trillion and N908.8 billion, respectively.
Strong capital ratios and asset quality was sustained as Capital Adequacy Ratio (CAR), Non Performing Loan (NPL) ratio and Cost of Risk (COR) closed at 22.9 per cent, 5.9 per cent and 0.1 per cent in March 2022 respectively from 23.8 per cent, 6.0 per cent and 0.5 per cent in December 2021, respectively.
Commenting on the results, Mr. Segun Agbaje, CEO, GTCO Plc, said: “Our first quarter results show a decent improvement across key revenue lines as well as other financial metrics, which demonstrates our ability to effectively navigate the evolving business landscape anchored on our strong business fundamentals.
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“With this performance, we are optimistic about the rest of 2022 as we rapidly consolidate the gains of our new holding company structure to deliver superior stakeholder value.
Importantly, our non-banking businesses including pension management, wealth management and payments will serve to diversify our earnings capacity as we look to create a model financial services ecosystem for all of Africa.
“As a Group, we are fully committed to providing innovative financial solutions whilst constantly delivering best-in-class customer experiences in line with our long-term strategy.”