Guaranty Trust Holding Company (GTCO) has released its unaudited financial report for the period ended September 30, 2023, reporting profit before tax of N433.2 billion. The amount represents an increase of 155.2 per cent over N169.7 billion recorded in the corresponding period of last year.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N8.6 trillion and N1.3 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1per cent, while asset quality was sustained as IFRS nine Stage three Loans improved to 3.8 per cent in September 2023 from 5.2 per cent December 2022, however, Cost of Risk (COR) closed at 4.1 per cent from 0.6 per cent in December 2022 owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables. Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment. Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value.”
