The Group Chief Executive Officer of Guarantee Holding Company, GTCO Plc Segun Agbaje has disclosed that the company will continue to deliver value to stakeholders despite the challenging business environment. He said the financial behemoth has shown strength in the manner it has performed in key areas 12 months after re-organisation into a full-fledge holding company.
The GTCO chief executive made the comment on the back of the company’s release of the 2021 Full year financial report.
Agbaje said “as a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences”, noting that the year ending December 2021 was an opportunity for the group to showcase its position as a top financial service provider in the continent.
He said, “2021 presented a crucial opportunity as we took strategic steps to reorganise our business and advance our position as a leading financial services company.
“With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these 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”.
The group disclosed in the report presented to the Nigeria Exchange, NGX a profit before tax of N221.5 billion, representing a seven percent shortfall of the N238.1billion recorded in December 2020.
Within the period, the group’s net loan portfolio increased by 8.4 per cent from ₦1.66 trillion recorded the preceding year while deposit liabilities grew by 14.4 per cent, from ₦3.61trillion to ₦4.13 trillion.
The group said in the report that it recorded a post-tax return on equity, ROAE of 20.6 per cent, post-tax return on assets, ROAA of 3.4 per cent, full impact capital adequacy ratio, CAR of 23.8 per cent and cost to income ratio, CIR of 42.3 per cent.
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.
According to the report, the group’s Capital Adequacy Ratio, CAR remained very strong, closing at 23.8 per cent while asset quality was sustained with Non-Performing Loan, NPL ratio standing at 6.0 per cent.
The report also indicates an increased in the group’s loan book by 8.4 per cent from ₦1.66 trillion, while deposit liabilities grew by 14.4 per cent from ₦3.61 trillion to ₦4.13 trillion.
Meanwhile, the Holder has proposed a final dividend per share of N2.70 per share to it’s shareholders.
GTCO is a full-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including payment, funds management and pension.
With over 25 million customers and more than 10,000 employees, GTCO is one of the most profitable and best managed financial services companies in Africa. As a leader in the financial service sector the company has been helping people and empowering communities.
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