Guaranty Trust Holding Company (GTCO) Plc has recorded the highest-ever profit in its history after announcing a profit after tax of N1.017 trillion in 2024. This represents an 88.4 per cent surge from the N539.6 billion recorded in 2023.
The company also reported an increase in gross earnings from N1.13 trillion a year earlier to N2.12 trillion. In addition to the performing financial result, it recorded a pre-tax profit of N1.266 trillion for the 2024 full year, representing a 108 per cent increase from the N609.3 billion recorded in 2023.
In its drive toward financial inclusion, the company opened 963,076 accounts with about N 9.5 billion in deposits. It expressed that its flagship subsidiary has taken an initial and practical approach to financial inclusion for its business activities through different initiatives.
The financial institution recorded 34.5 million transactions carried out using debit cards on ATM machines, a decline from 52.6 million in 2023. For transactions on POS and Web, it recorded a decline from 775.4 million to 751.8 million in 2024.
On a valuation basis, GTCO recorded N452.4 billion in debit card transactions on ATM machines in 2024, representing a 9 per cent increase from N415.2 billion in 2023. The valuation for ATM transactions at POS and Web rose by 38.3 per cent from N8.6 trillion in 2023 to N11.9 trillion in 2024.
See Also: GTCO raises N209.41bn from first phase of equity capital, to hold second phase in 2025.
Also, the number of fraud incidents recorded in 2024 totaled 15,544, with a valuation of N1.9 billion and an actual/expected loss of N159 million. The figure was an improvement compared to the 16,965 incidents and valuation of N2.7 billion in 2023, except for the N198 million actual/expected loss for the period.
Of 941,241 complaints received in 2024, the company resolved 935,081.
Last July, the company launched a public offer for subscription of 9 billion ordinary shares of 50 kobo each at N44.50 per ordinary share to raise a fund of N400.5 billion.
GTCO banking on previous performances
In GTCO’s Audited Consolidated and Separate Financial Statements for the half-year period ending June 30, 2024, the bank’s holding company reported a profit before tax of ₦1.004 trillion, becoming the first Nigerian financial institution to cross the ₦1 trillion mark in profit. The significant figure represents an increase of 206.6 per cent over ₦ 327.4 billion recorded in the corresponding period that ended June 2023.
The Group’s loan book (net) increased by 25.5 per cent from ₦ 2.48 trillion recorded as of December 2023 to ₦ 3.11 trillion in June 2024, while deposit liabilities grew by 39.8 per cent from ₦ 7.55 trillion in December 2023 to ₦ 10.55 trillion in June 2024.
While commenting on the results last September, the GTCO Chief Executive Officer, Mr. Segun Agbaje, expressed that the Group is proud of the amazing progress it has made as a leading financial holding company. He noted that despite several uncertainties in the operating environment, the performance is a testament to its business resilience and adaptability 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,” he added.
In other key financial ratio figures for the half-year report, GTCO recorded one of the best metrics in the Nigerian Financial Industry with Pre-Tax Return on Equity (ROAE) of 103.6 per cent, Pre-Tax Return on Assets (ROAA) of 16.6 per cent, Full Impact Capital Adequacy Ratio (CAR) of 21.0 per cent and Cost to Income ratio of 16.7 per cent.
GTCO Plc is the ultimate holding company of the GTCO Plc Group, one of the largest financial services institutions in Africa. Headquartered in Lagos, Nigeria, the company maintains direct and indirect investments in a network of operating entities in 10 countries across Africa and the United Kingdom.
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