PRESS RELEASE
Guaranty Trust Holding Company Plc(“GTCO”or the“Group”)has released its Unaudited Consolidated
and Separate Financial Statements for the period ended September 30,2023,to the Nigerian Exchange
Group (NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of 433.2 billion, representing an increase of 155.2% over₦
169.7 billion recorded in the corresponding period ended September 2022₦ . The Group’s loan book (net)
grew by 17.7% from 1.89 trillion recorded as at December 2022 to 2.22 trillion in September 2023, while₦ ₦
deposit liabilities increased by 37.9% from 4.61 trillion in December 2022 to 6.36 trillion in September₦ ₦
2023.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’
funds closing at 8.6trillion and 1.3trillion, respectively. Full Impact Capital Adequacy Ratio (CAR)₦ ₦
remained very strong, closing at 25.1%,while asset quality was sustained as IFRS9 Stage 3Loans
improved to 3.8% in September 2023 from 5.2%December 2022, however, Cost of Risk(COR) closed at
4.1%from 0.6% in December 2022 owing to Management’s conservative stance on provisioning as
macros worsened y-o-y, weighing negatively on the ECL variables.
Commenting on the results,the Group Chief Executive Officer of Guaranty Trust Holding Company Plc,
Mr.Segun Agbaje,said;Our 3rd Quarter performance under pin sour strategic positioning as a leading
Financial Holding Company and reaffirm sour strong capabilities to successfully navigate the challenges
in our operating environment. Going into the final quarter of the year,we will continue to leverage the
strengths within our growing financial services ecosystem to improve our products and service offerings,
enhance customer experience, and maximize shareholder value.”
He further said;“We are proud of our work towards Promoting Enterprise across the African continent
over the years and remain committed to helping indigenous small businesses thrive through our
consumer-focused fairs.The 6th Edition of the GTCO Fashion Weekend is scheduled to hold in Lagos,
Nigeria, on 11/12 November 2023, and will give entrepreneurs in the Nigerian fashion retail space a free-
business platform to showcase their diverse talents and creativity to a global audience.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in
terms of key financial ratios i.e.,Pre-Tax Return on Equity(ROAE) of 52.4%,Pre-Tax Return on Assets
(ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.
GTCO is a leading financial services group with banking operations in Nigeria,West Africa,East Africa,
and the United Kingdom along side new businesses in Payment,Funds Management and Pension Fund
Administration.
Its leadership in the banking industry and efforts at empowering people and communities
has earned it many prestigious awards over theyears. Recently, Guaranty Trust Bank was recognized as
Nigeria’s Best Bank and Best Banking CSR at the 2023 Euromoney Awards for Excellence, Best Banking
Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty Trust
Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The
