GTCO Surpasses N1trn Industry Mark, Posts N1.004trn Pre-tax Profit for H1 2024

Guaranty Trust Holding Company Plc (GTCO) has made history by becoming the first Nigerian financial institution to report a Profit Before Tax (PBT) exceeding N1 trillion.

The Group’s audited financial statements for the period ending June 30, 2024, revealed a pre-tax profit of N1.004 trillion, a remarkable 206.6 per cent increase from N327.4 billion recorded in the same period in 2023.

This achievement underscores the Group’s leadership in the Nigerian financial sector and its resilience amidst challenging market conditions.

GTCO’s loan book also saw significant growth, increasing by 25.5 per cent from N2.48 trillion in December 2023 to N3.11 trillion in June 2024. In the same period, deposit liabilities surged by 39.8 per cent, rising from N7.55 trillion to N10.55 trillion, demonstrating strong customer confidence and operational efficiency.

The Group reported impressive growth across all asset lines, maintaining a solid and diversified balance sheet across its banking franchise, payments, pension, and funds management verticals. Total assets stood at N14.5 trillion, while shareholders’ funds closed at N2.4 trillion.

he Group’s capital adequacy ratio (CAR) remained robust at 21.0 per cent, showcasing its financial strength. Asset quality was also maintained, with IFRS 9 Stage 3 Loans at 4.3 per cent in June 2024, slightly up from 4.2 per cent in December 2023, while the Cost of Risk (COR) improved significantly from 4.5 per cent in December 2023 to 1.6 per cent in June 2024.

Commenting on the record-breaking results, Segun Agbaje, the Group Chief Executive Officer of GTCO, expressed pride in the company’s performance, stating, “Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model.

“We remain optimistic about the future and are committed to creating sustainable value for all our stakeholders as we continue to position all our business verticals—Banking, Funds Management, Pension, and Payments—for rapid growth across key markets.”

GTCO continues to deliver some of the strongest metrics in Nigeria’s financial sector, with a Pre-Tax Return on Equity (ROAE) of 103.6 per cent, Pre-Tax Return on Assets (ROAA) of 16.6 per cent, and a Cost-to-Income Ratio of 16.7 per cent, highlighting its efficiency and profitability.

Headquartered in Lagos, GTCO is one of Africa’s largest financial services institutions, with operations in 10 countries across Africa and the United Kingdom. Its leadership in the banking industry has earned it numerous accolades, including being named Nigeria’s Strongest Brand and Best Banking Brand in 2023.