GTCO Posts N214.2bn PBT in 2022

Samuel Mobolaji

…Declares FY dividend of N3.10

The Guaranty Trust Holding Company (GTCO) Plc has reported a Profit before Tax (PBT) of N214.2 billion for the year ended December 31, 2022.

The holding company declared a final dividend of N82.407 billion, representing N2.80 per share. Also, during the year, 2022 the company declared and paid an interim dividend of 30 kobo per share, making the total dividend proposed for the year to be N3.10 per share.

The audited financial results released on the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) showed that the Group reported profit before tax of N214.2 billion, representing 3.3 per cent dip from N221.5billion posted in the corresponding year ended December 2021 on the back of N35.6 billion impairment recognised on Ghanaian sovereign securities.

The Group’s loan book (net) increased by 4.6 per cent from N1.80 trillion as at December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6 per cent from N4.13 trillion to N4.61 trillion during the same period.

The Group’s balance sheet remains well-structured and resilient with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively. Capital Adequacy Ratio (CAR) remained very strong, closing at 24.1 per cent.

Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2 per cent in December 2022 from 6.0 per cent in December 2021, however, Cost of Risk (COR) inched up marginally to 0.6 per cent in full year, 2022 from 0.5 per cent in December 2021 due to impact of worsened macros on PDs.

Speaking on the results, the Group chief executive officer of GTCO, Mr. Segun Agbaje, said: “our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.

“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”

“As an organisation, 2022 was quite significant for us being the first year after our corporate 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 ecosystem with 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 achieving our vision of leading financial services in Africa”, he stated.