Reports Profit Before Tax of ₦214.2billion and FY Dividend of ₦3.10
Guaranty Trust Holding Company Plc(“GTCO” or the “Group”) has released its Audited Consolidated and
SeparateFinancialStatementsfortheyearendedDecember31,2022,totheNigerianExchangeGroup
(NGX) and London Stock Exchange (LSE).
TheGroupreportedprofitbeforetaxof₦214.2billion,representing3.3%dipfrom₦221.5billionpostedin
the corresponding year ended December 2021 on the back of ₦35.6bn impairment recognised on
Ghanaian sovereign securities.
The Group’sloan book (net)increased by4.6% from ₦1.80trillion asatDecember 2021to₦1.89trillion in
December2022, whiledepositliabilitiesgrew by11.6%from₦4.13trillionto ₦4.61trillionduringthe same
period.
The Group’s balance sheet remains well-structured and resilient with total assets and shareholders’ funds
closing at ₦6.45trillion and ₦931.1billion, respectively. Capital Adequacy Ratio (CAR) remained very
strong,closingat24.1%.Similarly,assetqualitywassustainedasIFRS9Stage3Loansratio(NPLs)
improved to5.2% inDecember2022from 6.0%inDecember2021,however,CostofRisk(COR)inched
upmarginallyto0.6%inFY-2022from0.5%inDecember2021duetoimpactofworsenedmacroson
PDs.
Commentingontheresults,theGroupChiefExecutiveOfficerofGuarantyTrustHoldingCompanyPlc
(GTCOPlc),Mr.SegunAgbaje,said;“Ourabilitytosuccessfullynavigatethepeculiarchallengesinthe
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
growthin2022,weweredeterminedtodeliveradecentperformanceandscaleeffectivelytostrengthen
our competitive edge and drive long-term growth.”
Hefurtherstated;“Asanorganisation,2022wasquitesignificantforusbeingthefirstyearafterour
corporaterestructuring into afinancial holding company inAugust 2021. Today,across ourBanking,
Payment,FundsManagement,andPensionbusinesses,wehavesuccessfullybuiltarobustecosystem
with immense potential to deepen our addressable market and create more value for all our stakeholders.
Wewillcontinuetoprioritiseinnovation,serviceexcellence,andexecuteseamlesslytowardsachieving
our vision of leading financial services in Africa.”
Overall, the Group continues topost oneof the bestmetrics in theNigerian Financial Servicesindustry in
termsofkeyfinancialratiosi.e.,Pre-TaxReturnonEquity(ROAE)of23.6%,Pre-TaxReturnonAssets
(ROAA) of 3.6%, Full Impact Capital Adequacy Ratio (CAR) of 24.1% and Cost to Income ratio of 48.0%.
GTCOisaleadingfinancialservicesgroupwithbankingoperationsinNigeria,WestAfrica,EastAfrica,
United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund
Administration.Itsleadershipinthebankingindustryandeffortsatempoweringpeopleandcommunities
hasearneditmanyprestigiousawardsovertheyears. Recently,theBankwasrecognizedasAfrica’s
Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its
positionasAfrica’sMostAdmired FinancialServicesBrandinthe2021rankingofTheBrandAfrica100:
Africa’s Best Brands.
