LAGOS – Guaranty Trust Holding Company Plc (GTCO Plc) has announced its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, reporting a ₦1.266 trillion profit before tax, a 107.8% increase from ₦609.3 billion recorded in 2023.
The financial report, released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), highlights strong earnings, a well-diversified revenue base, and disciplined capital management. GTCO recorded significant growth across all key financial and non-financial metrics, maintaining a healthy and structured balance sheet.
Strong Balance Sheet and Asset Growth
GTCO’s loan book (net) grew 12.3%, rising from ₦2.48 trillion in December 2023 to ₦2.79 trillion in December 2024, while deposit liabilities surged by 37.8% to ₦10.40 trillion from ₦7.55 trillion. Total assets closed at ₦14.8 trillion, with shareholders’ funds reaching ₦2.7 trillion.
The Group maintained a Capital Adequacy Ratio (CAR) of 39.3%, while asset quality remained strong. IFRS 9 Stage 3 Loans stood at 3.5% at the Bank level and 5.2% at the Group level, compared to 2.5% and 4.2% respectively in 2023. Cost of risk (COR) increased slightly from 4.5% to 4.9%.
CEO’s Outlook
Commenting on the results, GTCO’s Group Chief Executive Officer, Mr. Segun Agbaje, attributed the company’s performance to a well-diversified earnings base across its banking and non-banking subsidiaries.
“Our ability to generate sustainable, high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution,” Agbaje stated.
He further noted that the total dividend payout of ₦8.03 per share aligns with GTCO’s tradition of increasing shareholder returns.
Looking ahead, he reaffirmed the Group’s commitment to leveraging innovation, operational efficiency, and sustainable profitability, with a focus on deepening customer relationships and expanding its banking, funds management, pension, and payments businesses.
Industry-Leading Performance
GTCO continues to post some of the best financial metrics in Nigeria’s financial services sector, with:
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Pre-Tax Return on Equity (ROAE): 60.5%
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Pre-Tax Return on Assets (ROAA): 10.3%
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Capital Adequacy Ratio (CAR): 39.3%
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Cost-to-Income Ratio: 24.1%
About GTCO Plc
Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Known for its strong corporate governance, innovative financial solutions, and customer-centric approach, the Group offers banking, payments, funds management, and pension administration services. GTCO remains committed to delivering long-term value to stakeholders while driving growth and development in its markets.
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