Olufemi Adeyemi
The Group has achieved a remarkable milestone by surpassing the N1 trillion profit before tax, becoming the first Nigerian financial institution to attain this significant threshold.
This significant achievement reflects a remarkable increase of 206.6 percent compared to the N327.4 billion reported for the same period in 2023.
The Group's net loan portfolio rose by 25.5 percent, increasing from N2.48 trillion as of December 2023 to N3.11 trillion in June 2024. Additionally, deposit liabilities surged by 39.8 percent, climbing from N7.55 trillion in December 2023 to N10.55 trillion in June 2024.
The Group experienced growth across all asset categories and continues to uphold a well-structured, robust, and diversified balance sheet across all regions where it operates its banking franchise, as well as in its Payments, Pension, and Funds Management sectors, with total assets and shareholders’ equity reaching N14.5 trillion and N2.4 trillion, respectively.
The Capital Adequacy Ratio (CAR) remained strong, closing at 21 percent, while asset quality was preserved, as indicated by IFRS 9 Stage 3 Loans, which stood at 4.3 percent in June 2024, up from 4.2 percent in December 2023. Furthermore, there was an improvement in the Cost of Risk (COR), decreasing to 1.6 percent from 4.5 percent in December 2023.
In a statement regarding the results, Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, expressed, “We take great pride in the advancements we have achieved as a prominent financial holding company.”
In light of the challenges present in the operating environment, our achievements in the first half of the year, during which we attained our highest profit to date, highlight the resilience and flexibility of our business model.
We maintain a positive outlook for the future and are dedicated to utilizing our distinctive strengths as a robust financial services ecosystem to generate sustainable value for all our stakeholders. We are focused on positioning our various business segments—Banking, Funds Management, Pension, and Payments—for accelerated growth in key markets.
Overall, the Group continues to demonstrate some of the strongest metrics in the Nigerian Financial Services sector, reflected in key financial ratios such as a Pre-Tax Return on Equity (ROAE) of 103.6 percent, a Pre-Tax Return on Assets (ROAA) of 16.6 percent, a Full Impact Capital Adequacy Ratio (CAR) of 21 percent, and a Cost to Income ratio of 16.7 percent.