GTCO plc Customers’ Deposit Hit N4.91trn, Records Biggest Profit in 11 Years
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Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank (GTBank), has recorded a profit after tax of N58.16 billion in the first quarter of 2023. The amount is a 34.62% increase when compared to N43.207 billion reported in the same period of 2022.
GTB’s impressive profit recorded from activities from January to March is the highest reported in 11 years and also markets a bounce back from two years of sluggish growth.
According to its financial result submitted to the Nigerian exchange, the group reported profit before tax of N74.1 billion, representing an increase of 36.5% over N54.3 billion recorded in the corresponding period that ended in March 2022. The group’s loan book (net) dipped by 1.5% from N1.88trillion recorded as of December 2022 to N1.86trillion in March 2023, while deposit liabilities increased by 9.9% from N4.61trillion in December 2022 to N5.07trillion in March 2023.
Further checks show that customer deposits increased to N4.91 trillion in Q1, 2023, from N4.48 trillion in Q1, 2022. In addition, GTCO remitted N15.92 billion as income tax to the government. GTB profit after tax in last 11 years first quarter 2013- N27.90bn 2014- N20.53bn 2015-N26.56bn 2016-N25.61bn 2017-N39.53bn 2018-N44.67bn 2019-N49.30bn 2020-N50.07bm 2021- N45.55bn 2022-N43.21bn 2023-N58.17bm
Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), remarked on the results:
The results for the first quarter demonstrate the robustness of the GTCO brand, the soundness of our decision-making process, and the positive outcomes of our endeavours to establish ourselves as a preeminent financial services provider in Africa” “Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines. We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.” He further described it as another exciting year.
