Guaranty Trust Holding Company Plc (GTCO) has once again cemented its position as a leading force in Nigeria’s financial services industry, as the Group posted a stellar financial performance for the full year ended December 31, 2024. The audited consolidated and separate financial statements, released to both the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), highlight the company’s resilience, innovation, and commitment to shareholder value.
Record-Breaking Profit Before Tax Exceeds N1.2 Trillion
GTCO reported a remarkable Profit Before Tax (PBT) of N1.266 trillion, representing a 107.8% increase from the N609.3 billion posted in the previous year. This historic milestone underscores the Group’s ability to deliver exceptional returns in a dynamic economic environment.
The Group also saw Profit After Tax (PAT) grow by 88.6% to N1.017 trillion, up from N539.65 billion in 2023. Gross earnings rose by 81.07% to N2.148 trillion, while Earnings Per Share (EPS) climbed 24.24% to N35.44, from N19.07 recorded in 2023.
Commenting on the results, Group CEO Segun Agbaje noted, “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.”
Strong Fundamentals Support Long-Term Strategy
GTCO, a non-operating financial holding company, operates through subsidiaries in banking, payments, pension fund administration, and asset management. The Group’s loan book (net) grew by 12.3% to N2.79 trillion, while deposit liabilities surged by 37.8% to N10.40 trillion, highlighting strong customer confidence and balance sheet strength.
Key financial ratios continued to affirm GTCO’s dominance:
- Pre-Tax Return on Equity (ROAE): 60.5%
- Pre-Tax Return on Assets (ROAA): 10.3%
- Capital Adequacy Ratio (CAR): 39.3%
- Cost-to-Income Ratio: 24.1%
These figures reinforce GTCO’s prudent risk management, strong capitalisation, and operational efficiency.
Dividend Payout Reflects Confidence in Performance
In line with its tradition of rewarding shareholders, GTCO declared a total dividend of N8.03 per share for the 2024 financial year. The final dividend of N7.03 will be paid to shareholders registered as of April 15. GTCO’s stock price rose to N68 on April 11, approaching its 52-week high of N70, and showing a year-to-date gain of about 17%.
Market Analysts Project Further Upside
Equity analysts remain bullish on GTCO’s prospects:
- Coronation Research set a price target of N70.77, citing strong earnings momentum and expectations of sustained growth in core banking revenues.
- Meristem Research highlighted GTCO’s ability to maintain earnings strength through improved asset quality and cost efficiency, despite a potentially lower interest rate environment.
- CardinalStone Research issued a target price of N74.02, praising the company’s robust growth in both net interest and non-interest income.
Capital Raise and Governance Strengthen Outlook
GTCO also successfully completed the first phase of its equity capital raise programme, securing N209.41 billion from over 130,000 applications. The offer was evenly split between institutional and retail investors, further diversifying its investor base.
Beyond its financial achievements, GTCO reaffirmed its commitment to strong corporate governance, highlighting it as a cornerstone for long-term sustainability. The Group’s adherence to best practices continues to inspire trust among stakeholders and supports its broader strategic vision.
Asset Quality and Resilience
GTCO maintained strong asset quality with IFRS 9 Stage 3 loans closing at 3.5% at bank level and 5.2% at group level, while its cost of risk rose modestly to 4.9%, up from 4.5% in 2023. Total assets and shareholders’ funds ended the year at N14.8 trillion and N2.7 trillion, respectively.
Looking Ahead
CEO Segun Agbaje emphasized that the Group remains focused on innovation and sustainable growth. “We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create more value for our shareholders.”
GTCO will hold its fourth Annual General Meeting on April 24, 2025, where further strategic directions and shareholder engagements will be outlined.
With a strong foundation, diversified income streams, and a robust growth outlook, GTCO is well-positioned to sustain its leadership and deliver long-term value in Nigeria’s financial services landscape.