Guaranty Trust Holding Company Plc (GTCO) has released its audited consolidated and separate financial statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE).
The Group reported a profit before tax of N1.266 trillion, marking a 107.8% increase from N609.3 billion recorded in 2023. This strong performance reflects the quality and sustainability of GTCO’s earnings, supported by a diversified revenue base, robust risk management, and disciplined capital management.
Financial Highlights
GTCO recorded growth across all financial and non-financial metrics, maintaining a healthy and diversified balance sheet. Key figures include:
- Loan book (net): Increased by 12.3%, from N2.48 trillion in December 2023 to N2.79 trillion in December 2024.
- Deposit liabilities: Grew by 37.8%, from N7.55 trillion to N10.40 trillion.
- Total assets: Closed at N14.8 trillion.
- Shareholders’ funds: Reached N2.7 trillion.
- Capital Adequacy Ratio (CAR): Remained strong at 39.3%.
- Asset quality: IFRS 9 Stage 3 Loans stood at 3.5% at Bank Level and 5.2% at Group Level, compared to 2.5% and 4.2% in 2023, respectively.
- Cost of risk (COR): Increased slightly to 4.9%, from 4.5% in December 2023.
CEO’s Statement
Commenting on the results, Mr. Segun Agbaje, Group CEO of GTCO Plc, stated:
“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 P&L 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.”
He also highlighted that the Group has fully provided for all forbearance loans ahead of the June 2025 deadline and has accrued for the windfall tax, further strengthening its financial position.
Dividend Declaration
GTCO declared a total dividend of N8.03 per share for the 2024 financial year, reinforcing its commitment to increasing shareholder value.
Looking ahead, Agbaje reaffirmed the Group’s focus on innovation, operational efficiency, and sustainable profitability across its core business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create greater value for shareholders.
Key Financial Ratios
GTCO continues to lead in the Nigerian financial services sector with:
- Pre-Tax Return on Equity (ROAE): 60.5%
- Pre-Tax Return on Assets (ROAA): 10.3%
- Cost to Income Ratio: 24.1%
About GTCO
Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Known for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO offers banking and non-banking services, including payments, funds management, and pension administration. The Group remains committed to delivering long-term value to stakeholders while driving growth across its markets.
For further inquiries: Corporate Communication
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