Guaranty Trust Holding Company (GTCO) Plc, the holding company for Guaranty Trust Bank and other subsidiaries, recorded marginal decline in profitability in 2022 as pre-tax profit dropped to N214.2 billion.
Key extracts of the audited report and accounts of GTCO for the year ended December 31, 2022 released at the weekend showed that group profit before tax dipped by 3.3 per cent from N221.5 billion in 2021 to N214.2 billion in 2022. The company attributed the decline to a N35.6 billion impairment that was recognised on Ghanaian sovereign securities.
The group’s net loan book however increased by 4.6 per cent from N1.80 trillion in 2021 to N1.89 trillion in 2022.
Deposit liabilities grew by 11.6 per cent from N4.13 trillion to N4.61 trillion. Group’s balance total assets and shareholders’ funds stood at N6.45 trillion and N931.1 billion. Capital Adequacy Ratio (CAR) remained strong at 24.1 per cent. Asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2 per cent in 2022 as against six per cent in 2021. However, Cost of Risk (COR) inched up marginally to 0.6 per cent in 2022 as against 0.5 per cent in 2021.
Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje said the results reflected the ability of the group to successfully navigate the peculiar challenges in the different markets where it operates.
