Business

Guaranty Trust Holding Company records N214.2 billion profit before tax in 2022


Guaranty Trust Holding Company Plc has reported a profit before tax of N214.2 billion for the year ended December 31, 2022, according to its Audited Consolidated and Separate Financial Statements.

The results, which were made available to the Nigerian Exchange Group and London Stock Exchange, showed a 3.3% decrease from the N221.5 billion posted in the corresponding year ended December 2021.

The decrease in profit before tax was attributed to the N35.6 billion impairment recognized on Ghanaian sovereign securities.

The Group’s loan book (net) increased by 4.6% from N1.80 trillion as at December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6% from N4.13 trillion to N4.61 trillion during the same period.

Despite the dip in profit, the Group’s balance sheet remains well-structured and resilient, with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively.

Capital Adequacy Ratio remained strong, closing at 24.1%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio improved to 5.2% in December 2022 from six per cent in December 2021.

Commenting on the results, the Group Chief Executive Officer, Mr Segun Agbaje, said, “This underscores our strong business fundamentals and unwavering commitment to sound business strategies.” He further stated that despite the challenges and headwinds that weighed on growth in 2022, the company was determined to deliver a decent performance and strengthen its competitive edge to drive long-term growth.
2022 was quite significant for the Group being the first year after its corporate restructuring into a financial holding company in August 2021.

Across its banking, payment, funds management, and pension businesses, the company has successfully built a robust ecosystem with immense potential to deepen its addressable market and create more value for all stakeholders.

The CEO stated that the company would continue to prioritize innovation, service excellence, and execute seamlessly towards achieving its vision of leading financial services in Africa.
1 year ago
Adeyinka Arutu

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