Economy

GTCO declares N221.5bn profit in 2021

GTCO declares N221.5bn profit in 2021
Written by Maritime First

Guaranty Trust Holding Company Plc, (GTCO Plc) has released its audited financial report for the year ending Dec. 31, 2021.

The group, in a statement on Sunday in Lagos, said the company released the financial report to the Nigerian and London stock exchanges, declaring a profit before tax of ₦221.5 billion.

This represents a dip of 7.0 per cent from ₦238.1 billion recorded in December 2020.

It said the company’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing 2021 at ₦5.44 trillion and ₦883.2 billion, respectively.

It said full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.8 per cent while asset quality was sustained with a Non-Performing Loan (NPL) ratio of 6.0 per cent based on International Financial Reporting Standards (IFRS) of 6.92per cent.

According to the statement, this represents a marginal improvement over IFRS 6.4 per cent impaired ratio and a slight increase over 6.86 per cent CBN Prudential Guideline NPL ratio in 2020.

The statement also noted that the Cost of Risk improved to 0.5 per cent from 1.2 per cent during the same period.

The statement said its loan book (net) increased by 8.4 per cent from ₦1.66 trillion in the same period, while deposit liabilities grew by 14.4 per cent from ₦3.61 trillion to ₦4.13 trillion.

Mr Segun Agbaje, the Group Chief Executive Officer, GTCO Plc said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our stakeholders, in spite of challenges in the business environment and shifting economic conditions.

“As a group, we have continued to explore newer ways to connect with customers and better our communities by offering greater and more rewarding experiences.

“With the recent addition of Pension Fund and Wealth Management businesses to the group, we are well on our way to rapidly scale operations and strengthen foothold in the key industry segments.

“Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”

 

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Maritime First