.GTCO Plc Releases 2021 Full Year Audited Results … reports Profit Before Tax of ₦221.5billion

   Guaranty Trust Holding Company Plc (GTCO) has released its audited consolidated and separate financial statements for the year ended December 31, 2021, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), recording improvements in some growth indicators.

    The group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing 2021 at ₦5.44 trillion and ₦883.2 billion, respectively.

    Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.8 per cent, while asset quality was sustained with a non-performing loan (NPL) ratio of six per cent based on the international financial reporting standard (IFRS) (6.92 per cent based on the Central Bank of Nigeria’s prudential guidelines).

    Also, the cost of risk improved to 0.5 per cent from 1.2 per cent during the period. The group posted a profit before tax (PBT) of ₦221.5 billion, representing a dip of seven per cent from ₦238.1 billion recorded in December 2020.

   In the same period, the group’s net loan portfolio increased by 8.4 per cent from ₦1.66 trillion recorded the preceding year while deposit liabilities grew by 14.4 per cent, from ₦3.61trillion to ₦4.13 trillion.

   Speaking on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company, Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our stakeholders despite the challenges in the business environment and shifting economic conditions.

   “As a group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.

    2021 presented a crucial opportunity as we took strategic steps to reorganise our business and advance our position as a leading financial services company.

    “With the recent addition of pension fund and wealth management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments. Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”

   In terms of significant performance metrics, the group maintained a decent showing with post-tax return on equity (ROAE) of 20.6 per cent, post-tax return on assets (ROAA) of 3.4 per cent, full impact capital adequacy ratio (CAR) of 23.8 per cent and cost to income ratio (CIR) of 42.3 per cent.

   GTCO is a full-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including payment, funds management and pension.

   With over 25 million customers and more than 10,000 employees, the group remains one of the most profitable and best managed financial services companies out of Nigeria. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

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