GTCO pre tax profit rises to N509.35bn in Q1, 2024

Guaranty Trust Holding Company (GTCO) Plc has released its first quarter financial result for the period ended March 31, 2024, posting profit before of N509.35 billion.

The GTCO’s pre tax profit grow by N431.259 billion or 587.5 per cent compared to N74.089 billion reported in the corresponding period of last year.

According to it’s three month financial result submitted at the Nigerian Stock Exchange (NGX), the company income tax rose by 227.93 per cent to N52.213 billion against N15.922 billion achieved in the same period of 2023, bringing  profit after tax to N457.134 billion from N58.167 billion in 2023, representing growth of N398.97 billion or 685.9 per cent.

The Group’s loan book (net) increased by 21.9 per cent  from N2.48 trillion recorded as at December 2023 to N3.02 trillion in March 2024, while deposit liabilities increased by 26.0 per cent from N7.55 trillion in December 2023 to N9.51trillion in March 2024. 

The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N13.0 trillion and N2.0 trillion, respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem.”