Guaranty Trust Holding Company (GTCO) Plc has achieved a historic milestone by becoming the first Nigerian financial institution to report a pre-tax profit exceeding N1 trillion in the first half of 2024.
According to the audited financial results for the six months ending June 30, 2024, GTCO’s profit before tax surged by an impressive 206.6% year-on-year, from N327.4 billion in H1 2023 to N1.004 trillion in H1 2024.
Profit after tax also saw a dramatic increase, rising from N280.48 billion to N905.57 billion.
Key performance indicators across the board showed significant growth, with net interest income increasing from N177.46 billion to N491.51 billion, and net fee and commission income doubling to N101.07 billion.
Other incomes saw a similar boost, jumping from N372.22 billion to N630.27 billion, driven mainly by dividend income from its flagship subsidiary, GTBank Nigeria Limited.
GTCO’s balance sheet remained robust, with the group’s net loan book increasing by 25.5% to N3.11 trillion, and deposit liabilities growing by 39.8% to N10.55 trillion.
The group also saw improvement in its asset quality and regulatory ratios, including a capital adequacy ratio of 21.0% and an improved cost of risk (COR) of 1.6%.
The company announced an interim dividend of N1 per share for the first half of 2024. GTCO’s Group CEO, Segun Agbaje, expressed pride in the group’s resilience and performance amidst challenging global and national conditions.
He highlighted the company’s commitment to leveraging its strengths across its business verticals—banking, funds management, pensions, and payments—for sustained growth.