The group’s loanbook (net) also increased by 25.5 per cent from N2.48 trillion recorded as at December 2023 to N3.11 trillion in June.
Deposit liabilities grew by 39.8 per cent from N7.55 trillion in December 2023 to N10.55 trillion in June.
The Holding’s total assets and shareholders’ funds closed at N14.5 trillion and N2.4 trillion, respectively, while its Capital Adequacy Ratio (CAR)closed robust at 21.0 per cent for the assessed period.
GTCO sustained its asset quality as evidenced by its IFRS nine stage three loans which closed at 4.3 per cent in June, from 4.2 per cent in December 2023
The company also improved in its Cost of Risk (COR) by 1.6 per cent in the period under review, from 4.5 per cent in December 2023.
He said that this was a testament to the resilience and adaptability of the financial holding’s business model.
“We remain optimistic about the future, and we are committed to leveraging our unique strengths as a thriving financial services ecosystem.
“This is to create sustainable value for all our stakeholders as we continue to position all our business verticals such as banking, funds management, pension, and payments, for rapid growth across key markets,”he said.
According to him, the group recorded growth across all its asset lines.
He said that it continued to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions where it operates a banking franchise and other businesses.
Overall, the managing director said that the group continued to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios.
GTCO is the ultimate holding company of the GTCO Plc Group, one of the largest financial services institutions in Africa.
Founded three decades ago by a group of young, vibrant and dynamic professionals determined to transform traditional banking, Guaranty Trust has been on a mission to make financial services accessible to all Africans in ways that truly serve people’s needs and help businesses thrive. Headquartered in Lagos, Guaranty Trust has banking subsidiaries in Nigeria, Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone and the United Kingdom. The Bank currently employs over 12,000 professionals and has Total assets and Shareholders’ Funds of ₦4.993trillion and ₦837.2billion respectively.
Since commencing operations in February 1991, Guaranty Trust has maintained an unbroken streak of year-on-year growth and a consistent lead in driving the digitization of financial services in Nigeria thanks to its strong service culture, efficient management, world-class corporate governance standards and bias for innovation.
At the end of 2020, alongside leading the industry in innovation and service delivery, Guaranty Trust was the most profitable banking group in Nigeria with best in class Return on Equity and other key financial metrics. In April 2021, the reorganization of Guaranty Trust Bank Plc to a financial holding company, Guaranty Trust Group Holding Company Plc (GTCo Plc), was completed as part of the company’s strategy to position for future growth and deliver benefits beyond banking to the people, communities and businesses who depend on the value we create to thrive.
