By Munachimso Obienyi
Amid the volatilities in the operating environment, Guaranty Trust Holding Company Plc (GTCO) grew its profit before tax (PBT) and profit after tax (PAT) to N169.7 billion and N130.35 billion respectively owing to 74.9 per cent year-on-year (y/y) increase in the income tax expense to N39.38 billion.
This represents an 11.7 per cent and 0.7 per cent increase in the group’s PBT and PAT respectively from N151.9 billion and N129.40 billion recorded in the corresponding period ended September 2021.
The Group’s loan book (net) increased by 2.2 per cent from N1.80 trillion recorded as at December 2021 to N1.84 trillion in September 2022, while deposit liabilities increased by 6.4 per cent from N4.13trillion in December 2021 to N4.39trillion in September 2022
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.81trillion and N872.8billion, respectively. Strong Capital Ratios and Asset Quality were sustained as CAR, NPL ratio, and Cost of Risk (COR) closed at 20.7 per cent, 5.6 per cent, and 0.2 per cent in September 2022 from 23.8 per cent, 6.0 per cent, and 0.5 per cent in December 2021, respectively.
