Guaranty Trust Holding Company Plc has released its audited consolidated and separate financial statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and the London Stock Exchange, LSE.
The group reported a profit before tax of N1.266 trillion, representing an increase of 107.8 percent over the N609.3 billion recorded in the corresponding year ended December 2023.
According to the statement, this performance reflects not just strong earnings but also the quality and sustainability of its earnings, underpinned by a well-diversified revenue base, robust risk management practices, and disciplined capital management.
The group recorded growth across all financial and non-financial metrics and continues to maintain a well-structured, healthy, and diversified balance sheet.
The report showed that the group’s loan book (net) increased by 12.3 percent, from N2.48 trillion in December 2023 to N2.79 trillion in December 2024, while deposit liabilities grew by 37.8 percent, from N7.55 trillion to N10.40 trillion during the same period.
Total assets and shareholders’ funds closed at N14.8 trillion and N2.7 trillion, respectively.
The Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3 percent. Likewise, asset quality was sustained, as evidenced by IFRS 9 Stage 3 Loans, which closed at 3.5 percent at the bank level and 5.2 percent at the group level in December 2024 (2023: bank, 2.5 percent; group, 4.2 percent), while the cost of risk (COR) closed at 4.9 percent, up from 4.5 percent in December 2023.
In his reaction to the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said, “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive.
Our capacity to generate sustainable, high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution. We have also prudently provided for all our forbearance loans well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.”
He further added, “The total dividend of N8.03k for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend payouts year-on-year. Looking ahead, we remain committed to building a financial services group that thrives on innovation, operational efficiency, and sustainable profitability. We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—banking, funds management, pensions, and payments—to unlock new opportunities and create more value for our shareholders.”
Summarily, the report indicates that the group continues to post some of the best metrics in the Nigerian financial services industry in terms of key financial ratios, including a pre-tax return on equity (ROAE) of 60.5 percent, a pre-tax return on assets (ROAA) of 10.3 percent, a capital adequacy ratio (CAR) of 39.3 percent, and a cost-to-income ratio of 24.1 percent..
