Guaranty Trust Holding Company (GTCO) has shattered records in the Nigerian banking sector by announcing the largest-ever pre-tax profits, with a staggering N509.3 billion in its first-quarter earnings report.
This remarkable achievement marks a significant leap from the same period in 2023, with profits exceeding six times the previous figure. Additionally, the bank’s profit after tax for the quarter soared to N457.1 billion, underscoring its robust financial performance, as reported by the bank’s first-quarter earnings.
The remarkable financial results extend beyond profits, with GTCO’s total assets surging to N13 trillion, up from N9.6 trillion at the end of 2023. This exponential growth further solidifies the bank’s position as one of Nigeria’s leading financial institutions. With its entire profit after tax for 2023 amounting to N539.6 billion, the bank’s latest achievement signifies a pivotal milestone for both GTCO and its shareholders.
Key highlights from the bank’s performance include a net interest income of N213.8 billion, driven by robust profits from loans and advances to customers, which tripled compared to the prior year.
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GTCO also generated over N100 billion from investments in securities, primarily treasury bills, capitalizing on high returns amidst a season of elevated interest rates and exchange rate volatility. Commission and fees contributed another N52 billion to the bank’s bottom line, showcasing its diversified revenue streams.
Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, expressed optimism regarding the company’s solid performance, emphasizing significant growth across all financial and non-financial metrics. He affirmed the company’s commitment to meeting its full-year guidance despite the challenging operating environment.
Moreover, GTCO highlighted the significance of its results within the banking industry, citing its exceptional financial ratios, including a pre-tax return on equity (ROAE) of 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9%, and a cost-to-income ratio (CIR) of 16.3%.