Guaranty Trust Holding Company Plc (GTCO) has announced an impressive 107.8% growth in profit before tax, reaching N1.266 trillion for the financial year ended December 31, 2024. This marks a significant increase from the N609.3 billion recorded in 2023.
The bank holding company disclosed this in its audited financial statements released to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE). GTCO stated that it achieved growth across all key financial and non-financial metrics while maintaining a strong and diversified balance sheet.
GTCO’s loan book (net) expanded by 12.3%, rising from N2.48 trillion in December 2023 to N2.79 trillion in December 2024. Deposit liabilities also grew by 37.8%, reaching N10.40 trillion from N7.55 trillion. The company’s total assets closed at N14.8 trillion, while shareholders’ funds stood at N2.7 trillion.
The Capital Adequacy Ratio (CAR) remained strong at 39.3%. Asset quality was also sustained, as IFRS 9 Stage 3 loans closed at 3.5% at the bank level and 5.2% at the group level, compared to 2.5% and 4.2% in 2023, respectively. The cost of risk (COR) rose slightly from 4.5% in 2023 to 4.9% in 2024.
Commenting on the results, GTCO’s Group Chief Executive Officer, Segun Agbaje, said the company’s performance in 2024 reflected its resilience and the depth of its business, driven by a well-diversified earnings base across its banking and non-banking subsidiaries.
He explained that the company had prudently provided for all forbearance loans ahead of the June 2025 deadline while fully accruing for the windfall tax, further strengthening its balance sheet and financial stability.
Agbaje also announced that GTCO would pay a total dividend of N8.03 per share for 2024, noting that the decision was in line with the company’s long-standing tradition of increasing dividend payouts.
Looking ahead, he reaffirmed the company’s commitment to innovation, operational efficiency, and sustainable profitability. He added that GTCO would continue to strengthen relationships with customers, leverage technology for improved financial solutions, and accelerate the growth of its business verticals—including Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create more value for shareholders.
