BusinessBanking/FinanceGTCO: Agbaje Harps On Innovation As Group Records N214.2 bn PBT

GTCO: Agbaje Harps On Innovation As Group Records N214.2 bn PBT

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The Group Managing Director of Guaranty Trust Holding Company Plc, GTCO, Segun Agbaje says innovation and excellence will be the group’s driving force in sustaining its vision as a leading financial service provider in Africa.

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The GTCO boss spoke on the back of the release of the group’s 2022 Audited Consolidated and Separate Financial Statements to the Nigerian Exchange, NGX, and the London Stock Exchange, LSE.

The financial service provider said in the statement to NGX that it recorded a profit before tax, PBT of over ₦214 billion compared to the N221. 5 billion it recorded in the corresponding year 2021.

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He said the group has done well in spite of the challenges experienced in the financial sector in the year ending December 31, 22.

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“Our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies. Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth,” Agbaje said while commenting on the results.

“As an organisation, 2022 was quite significant for us being the first year after our corporate restructuring into a financial holding company in August 2021. Today, across our Banking, Payment, Funds Management, and Pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.

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“We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa,” he said.

According to the details provided in the statement, the Group’s loan book increased by 4.6 percent from ₦1.80 trillion as at December 2021 to ₦1.89trillion in December 2022, while deposit liabilities grew by 11.6 percent from ₦4.13trillion to ₦4.61trillion during the same period.

Instructively, the balance sheet remains well-structured and resilient with total assets and shareholders’ funds closing at ₦6.45trillion and ₦931.1billion, respectively.
Capital Adequacy Ratio, CAR, remained very strong, closing at 24.1 percent. Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio, NPLs, improved to 5.2 percent in December 2022 from six percent in December 2021, however, Cost of Risk, COR. inched up marginally to 0.6 percent in FY-2022 from 0.5 percent in December 2021 due to the impact of worsened macros on PDs

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