Guaranty Trust Holding Company Plc (GTCO) has shattered financial records, posting an astonishing 107.8% rise in profit before tax, soaring to N1.266 trillion for the year ended December 31, 2024, up from N609.3 billion in 2023. This explosive growth cements GTCO’s dominance in Nigeria’s banking sector and signals a new era of financial resilience.
According to the audited consolidated and separate financial statements released to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), GTCO demonstrated strong financial performance across all metrics, maintaining a well-structured, healthy, and diversified balance sheet.
The group’s loan book (net) surged by 12.3% to N2.79 trillion in December 2024, up from N2.48 trillion in 2023, while deposit liabilities skyrocketed by 37.8% to N10.40 trillion from N7.55 trillion. Total assets climbed to N14.8 trillion, with shareholders’ funds standing strong at N2.7 trillion, reinforcing GTCO’s financial strength.
GTCO’s Capital Adequacy Ratio (CAR) remained exceptionally robust at 39.3%, reflecting a solid financial foundation. Asset quality was sustained, as evidenced by IFRS 9 Stage 3 Loans closing at 3.5% at the bank level and 5.2% at the group level, compared to 2.5% and 4.2% in 2023. Meanwhile, the cost of risk (COR) saw a slight increase, closing at 4.9% from 4.5% in the previous year.
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Group Chief Executive Officer, Mr. Segun Agbaje, hailed the company’s outstanding performance, emphasizing GTCO’s ability to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies. He credited the record-breaking results to a well-diversified earnings base across GTCO’s banking and non-banking subsidiaries, all of which remained profit-positive.
Agbaje reassured stakeholders of GTCO’s commitment to financial resilience, highlighting that the company has prudently provided for all forbearance loans ahead of the June 2025 deadline while fully accounting for the windfall tax. This strategic move strengthens GTCO’s balance sheet and reinforces its ability to navigate economic uncertainties.
As a testament to its solid performance, GTCO declared a total dividend of N8.03 per share for 2024, underscoring its tradition of rewarding investors with consistent year-on-year dividend growth. Agbaje reaffirmed GTCO’s dedication to innovation, operational efficiency, and sustainable profitability, pledging to deepen customer relationships, leverage technology for cutting-edge financial solutions, and accelerate growth across its business verticals—Banking, Funds Management, Pension, and Payments.
