GTCO Announces N221.5bn Profit Before Tax

Guaranty Trust Holding Company Plc, (GTCO Plc) has released its audited financial report for the year ending Dec. 31, 2021.

The group, in a statement on Sunday, said, its company released the financial statements to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) declaring a profit before tax of ₦221.5 billion.

This represents a dip of 7.0 percent from ₦238.1 billion achieved in December 2020.

The holding company’s gross earnings also stood at N438.6 billion, slightly lower than N452.2 billion achieved in 2020. Interest Income amounted to N266.9 billion from N30.7 billion, while interest expense went down to N46.3 billion as against N47.1 billion in 2020.

The group’s loan book (net) in the same period, increased by 8.4 percent from N1.66 trillion while deposit liabilities grew by 14.4 percent from N3.61trillion to N4.13 trillion.

Speaking on the results, the group chief executive officer of GTCO, 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.

“As a group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”

He further added that, “2021 presented a crucial opportunity as we took strategic steps to reorganize our business and advance our position as a leading financial services company.

“With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments. Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”