Connect with us

Money and Fixed Income

Guaranty Trust Posts N214.2BN Pre-Tax Profit



Guaranty Trust Posts N214.2BN Pre-Tax Profit

Guaranty Trust Holding Company (GTCO) Plc, the holding company for Guaranty Trust Bank and other subsidiaries, recorded marginal decline in profitability in 2022 as pre-tax profit dropped to N214.2 billion.

According to him, the resilience of the group underscores its strong business fundamentals and unwavering commitment 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.

“As an organisation, 2022 was quite significant for us being the first year after our corporate restructuring into a financial holding company in August 2021. 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.

“We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa,” Agbaje said.

He pointed out that the group has continued to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios, with pre-tax return on equity (ROAE) of 23.6 per cent, pre-tax return on assets (ROAA) of 3.6 per cent, full impact capital adequacy ratio (CAR) of 24.1 per cent and Cost to Income ratio of 48.0 per cent.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currencies to display