GTCO Reports N1.017 Trillion Record Profit After Tax, Highest in the Bank’s History

Guaranty Trust Holding Company (GTCO) Plc has recorded N1.017 trillion profit after tax for the 2024 financial year, an increase of 88.4% from the N539.6 billion made in 2023 as the institution was credited with significant growth in financial services activity in Nigeria.

It has been reflected in the overall performance of the bank in a number of other financial metrics. GTCO reported gross earnings of N2.148 trillion which was up from N1.186 trillion in the preceding year and a pre-tax profit of N1.266 trillion which was almost double the N609.3 billion reported in 2023.

That tremendous growth has enabled GTCO to declare a final dividend of N7.03 per share for the 2024 financial year, as a total dividend amounting to N8 per share, which represents a 151% hike in payout compared to last year.

GTCO also showed astounding strength in its balance sheet with total assets at N14.796 trillion, up 52.67% compared to the same period last year; customer deposits was up to N100.013 trillion, up 44.78%; shareholders’ funds was up 83.60% at N2.712 trillion.

In fact, given the challenging economic environment, the bank has been remarkably resilient and adaptive, taking full advantage of its goodwill as a financial services ecosystem to deliver sustainable value to its stakeholders.

GTCO’s success story goes much further than just its traditional banking operation: it’s been ramping up efforts in the fintech sphere, with the launch of SquadCo, a financial technology unit with the mission to bring disruption to the payments ecosystem in Nigeria.

At the same time however, the bank has also suffered from difficulties such as having to write off a huge loan to the Aiteo Group. GTCO CEO Segun Agbaje earlier said the bank is ready to take this step and concentrate on aggressive recovery.

At the same time, GTCO has a long-term ambition to advance its innovation and growth, as we will see in our business lines such as banking, funds management, pension and payments. With a capitalised stock outstanding of €39.3% our Capital Adequacy Ratio is very promising, giving us excellent potential for further development.

As GTCO continues to set new benchmarks in the Nigerian financial industry, its record of N1.017 trillion in profit goes to demonstrate the strategic acumen and operational excellence that accentuates its record-high profit as well as positions GTCO as one of the leaders in Nigeria’s competitive banking sector.

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