In its 2022 operations, Guaranty Trust Holding Company Plc (GTCO) reported a profit before tax (PBT) of 214.2 billion, a 3.3% decrease from the 221.5 billion realized during the same period in 2021.
The decline results from an impairment of 35.6 billion dollars in Ghanaian sovereign securities.
Throughout the same period, the group’s net loan book climbed by 4.6%, from 1.8 trillion to 1.89 trillion, while deposit liabilities soared by 11.6%, from 4.13 trillion to 4.61 trillion.
the capital adequacy ratio (CAR) was 24.1%, and the total assets of the group concluded at $6.45 trillion and $931.1 billion, respectively.
The non-performing loan (NPL) percentage decreased from 6% in 2021 to 5.2% in 2019.
Nonetheless, the cost of risk (COR) increased somewhat from the 0.5% recorded the year before to 0.6% in 2022.
Segun Agbaje, group chief executive officer of the bank, stated that the bank’s ability to successfully navigate the unique challenges in the various markets in which it operates is a testament to the strength of its core business operations and its unwavering dedication to sound business strategies.
“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”
He claimed that 2022, the bank’s first year following its corporate restructuring into a financial holding company, which took place in August 2021, was highly important.
“Today, across our banking, payment, funds management and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.”
He claims that in order to realize its goal of providing the best financial services in Africa, the bank will keep placing a high priority on innovation, service excellence, and smooth execution.
“Overall, the group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios, that is, pre-tax return on equity (ROAE) of 23.6 per cent, pre-tax return on assets (ROAA) of 3.6 per cent, full impact CAR of 24.1 per cent and cost to income ratio of 48 per cent,” he concluded.
