Guaranty Trust Holding Company (GTCO) Plc has declared a dividend of N3.10 per share even as its Profit Before Tax, PBT, dipped by 3.3% to N214.2 billion for the financial year 2022 as against N221.5 billion in 2021.
According to the group’s consolidated and separate financial statements for the year ended December 31, 2022 released to both Nigerian Exchange Limited, NGX and London Stock Exchange, LSE, GTCO drop in profit came on the back of N35.6 billion impairment recognised on Ghanaian sovereign securities.
The Group’s loan book (net) increased by 4.6% from N1.8 trillion as at December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6% from N4.13 trillion to N4.61 trillion during the same period.
The Group’s balance sheet remains well-structured and resilient with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively.
Capital Adequacy Ratio (CAR) remained very strong, closing at 24.1%. Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2% in December 2022 from 6.0% in December 2021, however, Cost of Risk (COR) inched up marginally to 0.6% in 2022 from 0.5% in December 2021.
Commenting on the results, the Group Chief Executive Officer of GTCO Plc, Mr. Segun Agbaje, said; “Our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies. Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”
