GTCO’s deposit liabilities hit N10.5trn

The deposit liabilities of Guaranty Trust Holding Company Plc (GTCO) rose to N10.55trillion in June 2024, increasing by 39.8 per cent from N7.55trillion it was in December 2023.

This online media platform findings show that Deposit Liabilities are monies received by a bank from people or companies and that the bank will have to pay back in the future.

When bank customers deposit money into a checking account, savings account, or a certificate of deposit, the bank views these deposits as liabilities that must be paid in future.

In its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2024, submitted to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), the Group’s loan book (net) equally increased by 25.5 per cent from N2.48trillion recorded as at December 2023 to N3.11trillion in June 2024.

Its shareholders’ funds also closed at N14.5trillion and N2.4trillion, respectively.

The Group reported profit before tax of N1.004trilion, becoming the first Nigerian financial institution to cross the N1trillion mark in profit.

This milestone figure represents an increase of 206.6 per cent over N327.4billion recorded in the corresponding period ended June 2023.

Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 21.0 per cent. while asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 4.3 per cent in June 2024 from 4.2 per cent in December 2023 and improvement in Cost of Risk (COR) to 1.6 per cent from 4.5 per cent in December 2023.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “We are immensely proud of the progress we have made as a leading financial holding company.

“Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model.

“We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–Banking, Funds Management, Pension, and Payments–for rapid growth across key markets.”

GTCO Guaranty Trust Holding Company Plc is the holding company of the GTCO Plc Group, one of the largest financial services institutions in Africa.

Headquartered in Lagos, Nigeria, Guaranty Trust Holding Company Plc maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.