…Pays shareholders N8.03k dividend
By Peter Egwuatu
Guaranty Trust Holding Company Plc, GTCO, has recorded 107.8 per cent growth in profit before tax to N1.266 trillion in the year ended December 31st 2024 from N609.3 billion recorded in 2023.
The bank holding company in its audited and consolidated and separate financial statements for the year ended December 31, 2024, released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), said it recorded growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet.
The group’s loan book (net) increased by 12.3% to N2.79 trillion in December 2024 from N2.48 trillion in December 2023, while deposit liabilities grew by 37.8% to N10.40 trillion from N7.55 trillion during the same period. Total assets and shareholders’ funds closed at N14.8 trillion and N2.7 trillion, respectively.
Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3%, likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% at Bank Level and 5.2% at Group in December 2024 (2023: Bank, 2.5%; Group, 4.2%) and cost of risk (COR) closed at 4.9% from 4.5% in December 2023.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, GTCO Plc, Mr. Segun Agbaje, said; “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are profit and loss positive.
“Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution.
“We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.
He further added; “The total dividend of N8.03k for 2024 is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year. Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability. We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals – Banking, Funds Management, Pension, and Payments – to unlock new opportunities and create more value for our shareholders.”
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