GTCO Successful Despite “Challenging Environment”-Agbaje; PAT N540bn

The Group Managing Director of Guaranty Trust Holding Company, GTCO, Segun Agbaje has described the success achieved by the holdo in the last financial year to technological innovations embarked by the financial leader.

The GTCO chief executive described the  2023 financial year as very challenging, but stated that the company has successfully overcome the headwinds due to “our relentless obsession with innovation and offering great customer experiences.”

Agbaje spoke following the release of the company’s audited consolidated and separate financial statements to the Nigerian Exchange Group, NGX and London Stock Exchange, LSE on Monday, which indicates that the group’s profit after tax, PAT rose to N540 billion.

“The challenging operating environment of 2023 truly tested the business model we put in place for the holding company, for both our banking and non-banking business verticals. Harnessing the group’s synergies yielded a strong performance, allowing us to strengthen our foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers,” Agbaje said.

He stated further: “Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.

“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.”

According to the statement filed with the regulators, the group also recorded, a profit before tax, of over N214 billion, more than 184 percent increase compared to the previous year.

Further checks indicate that the company’s loans and advances rose to to N2.48 trillion, while deposits grew to  to N7.55 trillion.

The group’s total assets and shareholders’ funds at the end of the 2023 financial year stood at   N9.7 trillion and N1.5 trillion, the statement further revealed.