ADVERTISEMENT
The Moment Nigeria
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
The Moment Nigeria
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport

GTCO reports profit before tax of N151.9bn in Q3 2021

by Usman Kadri
October 28, 2021
Reading Time: 2 mins read
GTCO reports profit before tax of N151.9bn in Q3 2021
Share on FacebookShare on TwitterShare on WhatsappShare on LinkedIn

Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2021, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦151.9billion, representing a drop of 9.2% over ₦167.4billion recorded in the corresponding period of September 2020. The Group’s loan book (net) increased by 4.5% from ₦1.66trillion recorded as at December 2020 to ₦1.74trillion in September 2021, while deposit liabilities increased by 8.0% from ₦3.61trillion in December 2020 to ₦3.90trillion in September 2021.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦5.14trillion and ₦824.7billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.8%, while asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 5.8% and 0.3% in September 2021 from 6.4% and 1.2% in September 2020 respectively.

RELATED STORIES

The African Champions, D’Tigress receive ₦200m reward from Zenith Bank

The African Champions, D’Tigress receive ₦200m reward from Zenith Bank

August 6, 2025
IKEDC, Egbin Power Plc, other firms in Sahara Energy Resource Group remain in receivership

IKEDC, Egbin Power Plc, other firms in Sahara Energy Resource Group remain in receivership

August 6, 2025

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our performance validates the resilience of our balance sheet in spite of the challenges in the operating environment and, further justifies our decision to diversify our earnings by going beyond banking in creating long-term value for our discerning stakeholders. Looking forward, we will replicate our digital-first, customer-centric banking strategy in the wealth management and payment spaces to rapidly scale our service offerings in line with our long-term strategy.”

He further stated that: “As businesses and households continue to recover from the lingering impact of covid-19 pandemic, our resolve to stand with our customers and communities through the recovery process is yielding the desired results. Ultimately, we aim to improve the lives of our stakeholders and build partnerships with our communities.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 20.8%, Post-Tax Return on Assets (ROAA) of 3.4%, Full Impact Capital Adequacy Ratio (CAR) of 23.8% and Cost to Income ratio of 44.9%.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in Payment, Asset Management and Pension Fund Administration. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. ​​

Recently, the Bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.

Next Post
JUST IN: FBN Holdings appoints Nnamdi Okonkwo as GMD

JUST IN: FBN Holdings appoints Nnamdi Okonkwo as GMD

More Articles...

Fuji Music star, Abass Obesere allegedly in secret romance with UK-based relationship expert, Yinka TNT

Fuji Music star, Abass Obesere allegedly in secret romance with UK-based relationship expert, Yinka TNT

August 6, 2025
The African Champions, D’Tigress receive ₦200m reward from Zenith Bank

The African Champions, D’Tigress receive ₦200m reward from Zenith Bank

August 6, 2025
Police arraign Facebook user for publishing fake news about Lizzy Anjorin 

Police arraign Facebook user for publishing fake news about Lizzy Anjorin 

August 6, 2025
IKEDC, Egbin Power Plc, other firms in Sahara Energy Resource Group remain in receivership

IKEDC, Egbin Power Plc, other firms in Sahara Energy Resource Group remain in receivership

August 6, 2025
NIESV Lagos Chairman leads delegation to Adron Homes, seeks strategic collaboration

NIESV Lagos Chairman leads delegation to Adron Homes, seeks strategic collaboration

August 5, 2025
Dangote, Afreximbank, others sign $1.35b Refinery Refinancing deal

Dangote, Afreximbank, others sign $1.35b Refinery Refinancing deal

August 5, 2025

STANBIC IBTC ADVERT

About Us

Themomentng.com is an online community of reporters and social advocates dedicated to bringing you features, news reports by Africans, but from a global perspective.

Contact Us

+447771081433
+2348051966180(WhatsApp/SMS Only)
Email: themomentng@gmail.com

Categories

  • Business
  • Education
  • Entertainment
  • Events
  • Featured
  • Food
  • Foreign
  • Health
  • Interviews
  • Life and Styles
  • Metro
  • Motoring
  • News
  • Opinion
  • Politics
  • Religion
  • Society
  • Sport
  • Technology
  • Top Story

Follow Us

Facebook Twitter Instagram

Copyright © Themomentng.com. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport