F’Y 2023: GTCO grows profit by 184.5% to N609.3bn



Press release

GuarantyTrust Holding Company Plc (GTCO) has reported a pretax profit of ₦609.3 billion for its fiscal year that ended on December 31, 2023, marking a 184.5% increase over the ₦214.2 billion recorded in the previous period.

According to the Group’s Audited Consolidated and Separate Financial Statements submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), the net value of its loan book has increased by 31.5%, from ₦1.89 trillion to ₦2.48 trillion year-on-year (y/y). Additionally, its deposit liabilities grew by 63.7% to ₦7.55 trillion in December 2023, from ₦4.61 trillion in December 2022.

The dual-listed Group stated that its balance sheet remained well structured, diversified, and resilient, with total assets and shareholders’ funds closing at ₦9.7 trillion and ₦1.5 trillion, respectively. The Full Impact Capital Adequacy Ratio (CAR) remained strong, closing at 21.9%, while the asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.2% in December 2023 from 5.2% in December 2022.

However, the Cost of Risk (COR) increased to 4.5% from 0.6% in December 2022 due to the worsening macroeconomic environment, which caused a significant increase in ECL variables.

The Group expressed confidence in its robust foundations and focus on flawless execution to drive sustainable growth across all its operations and deliver long-term value for its stakeholders, as it navigates the challenges and opportunities that lie ahead.

The Group Chief Executive Officer, GTCO, Segun Agbaje, reckons: “The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals.

“Harnessing the Group’s synergies yielded a strong performance, allowing us to strengthen our foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.”

Mr. Agbaje added: “In a landscape characterized by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.

“As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders.”

GTCO is one of the top-performing financial services providers in Nigeria. They boast impressive financial ratios, such as a Pre-Tax Return on Equity (ROAE) of 50.6%, Pre-Tax Return on Assets (ROAA) of 7.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9%, and Cost to Income ratio of 29.1%.

It is a prominent financial services group that operates in Nigeria, West Africa, East Africa, and the United Kingdom. They offer a wide range of banking services, as well as non-banking verticals such as HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

GTBank, details reveal, is known for its innovative approach to financial services and customer engagement. The bank has always ranked as Africa’s Most Admired Finance Brand in the anniversary rankings of Brand Africa 100: Africa’s Best Brands. It was also recognized as the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and received the Euromoney Excellence in Leadership Africa Award for its swift response to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

GTBank has consistently demonstrated its superiority over its peers in the banking industry and has sustained its position as the highest-valued banking stock.

GTBank’s success has made it a model for many organizations, and its compact disposition has yielded fruit. The bank’s management style has even generated envy among its peers, with many favoring GTBank over other banks. This has led to reputable institutions like Harvard Business School and Cranfield Business School researching the effectiveness and uniqueness of the GTBank brand.


The bank’s modest success has shown that quality pays in the long run. GTBank operates a modest, focused, tight, and qualitative organization, believing in doing its own thing rather than joining the fray of aggressive competition that pervades the Nigerian banking industry.

GTBank is one of the blue-chip companies on the Nigerian Stock Exchange, and many have earned a living by investing in the bank’s shares. The bank has been generous to its loyal share with impressive dividends.



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