Guaranty Trust Holding Company Plc has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
Guaranty Trust Holding Company Plc has reported a profit before tax of ₦1.266trilion, according to the group’s audited consolidated and separate financial statements for the year ended December 31, 2024.
The statement released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) indicated that amount represents an increase of 107.8% over ₦609.3billion recorded in the corresponding year ended December 2023.
This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management.
The Group recorded growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet. The Group’s loan book (net) increased by 12.3% from ₦2.48trillion in December 2023 to ₦2.79trillion in December 2024, while deposit liabilities grew by 37.8% from ₦7.55trillion to ₦10.40trillion during the same period. Total assets and shareholders’ funds closed at ₦14.8trillion and ₦2.7trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3%, likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% at Bank Level and 5.2% at Group in December 2024 (2023: Bank, 2.5%; Group, 4.2%) and cost of risk (COR) closed at 4.9% from 4.5% in December 2023.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Segun Agbaje, said; “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. Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution. We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.
