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By Chinwendu Obienyi
Guaranty Trust Holding Company Plc (GTCO) has announced that its profit before tax (PBT) rose to N54.3 billion in first quarter (Q1) of 2022.
This figure represents an increase of 1.1 per cent over N53.7 billion recorded in the corresponding period March 2021.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.50 trillion and N908.8billion, respectively.
However, it’s FX translation of the FCY loan book led to a drop in the Group’s net loans by 4.7 per cent from N1.80 trillion recorded as at December 2021 to N1.72 trillion in March 2022.
Also, the group’s strong capital ratios and asset quality was sustained as CAR, NPL ratio and Cost of Risk (COR) closed at 22.9 per cent, 5.9 per cent and 0.1 per cent in March 2022 from 23.8 per cent, 6.0 per cent and 0.5 per cent in December 2021, respectively.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said the group’s first quarter results showed a decent improvement across key revenue lines as well as other financial metrics, which demonstrates our ability to effectively navigate the evolving business landscape anchored on our strong business fundamentals.
“With this performance, we are optimistic about the rest of 2022 as we rapidly consolidate the gains of our new holding company structure to deliver superior Stakeholder value.”
