Access Xtra Cash

Access Xtra Cash
Know More...

GTCO Plc Releases Q3 2021 Unaudited Results ~Omonaijablog

...Reports Profit Before Tax of ₦151.9billion

                                                     

Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2021, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
 
The Group reported profit before tax of ₦151.9billion, representing a drop of 9.2% over ₦167.4billion recorded in the corresponding period of September 2020. The Group’s loan book (net) increased by 4.5% from ₦1.66trillion recorded as at December 2020 to ₦1.74trillion in September 2021, while deposit liabilities increased by 8.0% from ₦3.61trillion in December 2020 to ₦3.90trillion in September 2021. 
 
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦5.14trillion and ₦824.7billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.8%, while asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 5.8% and 0.3% in September 2021 from 6.4% and 1.2% in September 2020 respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our performance validates the resilience of our balance sheet in spite of the challenges in the operating environment and, further justifies our decision to diversify our earnings by going beyond banking in creating long-term value for our discerning stakeholders. Looking forward, we will replicate our digital-first, customer-centric banking strategy in the wealth management and payment spaces to rapidly scale our service offerings in line with our long-term strategy.” 

He further stated that, “As businesses and households continue to recover from the lingering impact of covid-19 pandemic, our resolve to stand with our customers and communities through the recovery process is yielding the desired results. Ultimately, we aim to improve the lives of our stakeholders and build partnerships with our communities.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 20.8%, Post-Tax Return on Assets (ROAA) of 3.4%, Full Impact Capital Adequacy Ratio (CAR) of 23.8% and Cost to Income ratio of 44.9%. 

Post a Comment

0 Comments