GTCO records N214 billion as pretax profit in 2022

GTCO records N214 billion as pretax profit in 2022

Guaranty Trust Holding Company Plc announced a profit before tax of N214.2 billion in its Audited Consolidated and Separate Financial Statements for the year ending December 31, 2022, attributing the slight decrease in profit to N35.6 billion impairment on Ghanaian sovereign securities.

The Group’s loan book (net) increased by 4.6%, and deposit liabilities grew by 11.6% during the same period. The Group’s balance sheet remained well-structured and resilient with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively, and Capital Adequacy Ratio remaining strong at 24.1%.

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Asset quality was sustained, while Cost of Risk inched up marginally. The Group Chief Executive Officer, Mr Segun Agbaje, highlighted the strong business fundamentals and commitment to sound business strategies, despite the challenges in 2022. He also emphasized the Group’s robust ecosystem across banking, payment, funds management, and pension businesses, with a vision to lead financial services in Africa through innovation, service excellence, and seamless execution.

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