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GTCO Records N221.5bn Annual Profit

By: highcelebritysquard

 

Guaranty Trust Holding Company Plc recorded N221.5bn profit before tax as of the end of December 31, 2021.

The group disclosed this in a statement on its audited consolidated and separate financial statements for the year ended December 31, 2021, filed at the Nigerian Exchange Group and London Stock Exchange.

“The group recorded a profit before tax of N221.5bn, representing a dip of 7.0 per cent from N238.1bn recorded in December 2020,” it said.

It added that the group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing FY 2021 at N5.44tn and N883.2bn, respectively.

“Full impact Capital Adequacy Ratio remained very strong closing at 23.8 per cent while asset quality was sustained with Non-Performing-Loans ratio of 6.0 per cent based on IFRS (6.92 per cent based on CBN prudential guidelines) representing a marginal improvement over IFRS 6.4 per cent impaired ratio and a slight increase over FY 2020 6.86 per cent CBN prudential guideline NPL ratio,” it said.

The cost of risk improved to 0.5 per cent from 1.2 per cent during the same period, it stated.

In the same period, it added, the group’s loan book (net) increased by 8.4 per cent from N1.66tn while deposit liabilities grew by 14.4 per  cent from N3.61tn to N4.13tn.

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Speaking on the results, the Group Chief Executive Officer, Guaranty Trust Holding Company, Mr Segun Agbaje, said, “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our stakeholders in spite of the challenges in the business environment and shifting economic conditions.”

The statement said in terms of significant performance metrics, “The Group maintained a decent showing with post-tax return on equity of 20.6 per cent, post-tax return on assets of 3.4 per cent, full impact capital adequacy ratio of 23.8 per cent, and cost to income ratio of 42.3 per cent.”

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