Half-Year 2024 Report: GTCO Becomes First Nigerian Financial Institution to Cross ₦1 Trillion Profit

Guaranty Trust Holding Company Plc (GTCO) has announced its audited financial results for the half-year ending June 30, 2024, becoming the first Nigerian financial institution to cross the ₦1 trillion profit mark.

The Group reported a profit before tax (PBT) of ₦1.004 trillion, a 206.6% increase from ₦327.4 billion in the same period last year.

Group CEO, Segun Agbaje, expressed pride in GTCO’s performance amidst a challenging economic environment. "This record profit highlights the resilience of our business model. We remain committed to leveraging our strengths across banking, funds management, pensions, and payments to drive sustainable growth and create value for our stakeholders."

Financial Highlights

Profit Before Tax: ₦1.004 trillion (206.6% increase from ₦327.4 billion in June 2023)

Profit After Tax: ₦905.6 billion, up 222.9% from ₦280.5 billion in 2023

Earnings Per Share: 3,212 kobo, compared to 994 kobo in June 2023

Revenue

Interest Income: ₦617.9 billion, driven by growth in banking earning assets and improved yield, representing a 173.5% increase.

Non-Funded Income: ₦774.7 billion, up 73.4%, boosted by increased transactional volumes and significant gains in fees, commissions, and net trading income.

Balance Sheet

Total Assets: ₦14.511 trillion, up 49.7% from ₦9.691 trillion in December 2023

Net Loans and Advances: ₦3.112 trillion, a 25.5% increase

Deposit Liabilities: ₦10.550 trillion, up 39.8%

GTCO also maintained a strong focus on efficiency, with its cost-to-income ratio improving to 16.7% from 27.7% in 2023, and the cost of risk dropping to 1.6%.

Despite mixed contributions from its regional subsidiaries, GTCO continues to lead the Nigerian banking sector, with its non-banking businesses also contributing to the group's sustained growth.

Subsidiaries

Contribution to Group PBT from West Africa increased from 11.7% in H1- 2023 to 13.0% in H1- 2024. During the same period, the contributions from East Africa decreased to 1.1% from 1.6%, United Kingdom decreased from 1.5% to 1.1% while the Nigeria Banking Subsidiary decreased from 84.7% in June 2023 to 84.0% in June 2024. The Non-Banking Entities contribution closed at 0.7% from 0.8% during the same period.