The London Stock Exchange (LSE) and Nigerian Exchange Group (NGX) have received the Audited Consolidated and Separate Financial Statements for the year ending December 31, 2024, from Guarantee Trust Holding Company Plc (“GTCO” or the “Group”).
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In comparison to the ₦609.3 billion recorded in the previous year ending December 2023, the Group’s reported profit before tax of ₦1.266 trillion represents a 107.8% increase. A well-diversified revenue base, sound risk management procedures, and prudent capital management serve as the foundation for this performance, which not only shows high profitability but also their quality and sustainability.
All financial and non-financial parameters showed growth for the Group, and its balance sheet remains diversified, strong, and well-structured. While deposit liabilities increased by 37.8% from ₦7.55 trillion to ₦10.40 trillion over the same period, the Group’s loan book (net) expanded by 12.3% from ₦2.48 trillion in December 2023 to ₦2.79 trillion in December 2024. Stockholders’ money and total assets closed at 2.7 trillion naira and 14.8 trillion naira, respectively.
As demonstrated by IFRS 9 Stage 3 Loans, which closed at 3.5% at the bank level and 5.2% at the group level in December 2024 (2023: Bank, 2.5%; Group, 4.2%), and the cost of risk (COR), which closed at 4.9% from 4.5% in December 2023, the capital adequacy ratio (CAR) remained extremely strong and stable, closing at 39.3%. “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive,” said Mr. Segun Agbaje, Group Chief Executive Officer of Guarantee Trust Holding Company Plc (GTCO Plc), in response to the results.
The soundness of our long-term strategy and disciplined execution is demonstrated by our ability to produce cost reductions, maintain good asset quality, and generate consistent high-quality earnings. In order to further strengthen our balance sheet and improve financial resilience, we have also carefully paid off all of our forbearance loans well in advance of the June 2025 deadline while fully accumulating for the windfall tax.
He went on to say, “The quality of our earnings supports the N8.03k total dividend for the 2024 FYE, which is consistent with our long-standing practice of raising dividend payments annually. We are still dedicated to creating a Financial Services Group that is fuelled by innovation, operational effectiveness, and long-term profitability.
In order to open up new opportunities and increase value for our shareholders, we will keep strengthening our ties with clients, utilising technology to provide innovative financial solutions, and quickening the expansion of each of our business verticals: banking, funds management, pensions, and payments. In terms of important financial statistics, such as the Pre-Tax Return on Equity (ROAE) of 60.5%, the Pre-Tax Return on Assets (ROAA) of 10.3%, the Capital Adequacy Ratio (CAR) of 39.3%, and the Cost to Income ratio of 24.1%, the Group consistently posts some of the best results in the Nigerian financial services sector.
One of the top financial services companies, Guarantee Trust Holding Company Plc (GTCO Plc), operates in both the UK and Africa. Payments, money management, and pension fund administration are just a few of the banking and non-banking services offered by GTCO Plc, which is well-known for its creative financial solutions, solid corporate governance, and customer-focused philosophy. The Group is dedicated to fostering growth and development in all of its markets while providing stakeholders with long-term value.
