Hot SourceKayode Tokede
Guaranty Trust Holding Company Plc (GTCO), yesterday released its audited consolidated and separate financial statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), with a record total dividend pay out of N8.03 kobo for shareholders.
The Group reported profit before tax of N1.266 trillion, representing an increase of 107.8 per cent over the N609.3 billion recorded as at the end of December 2023.
The performance reflected not just strong earnings but also the quality and sustainability of the bank’s earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management.
The Group recorded growth across all financial and non-financial metrics and continued to maintain a well-structured, healthy, and diversified balance sheet.
The Group’s loan book (net) increased by 12.3 per cent from N2.48 trillion in December 2023, to N2.79 trillion in December 2024, while deposit liabilities grew by 37.8 percent from N7.55 trillion to N10.40 trillion during the same period.
Total assets and shareholders’ funds closed at N14.8 trillion and N2.7 trillion, respectively.
Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3per cent, likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5per cent at Bank Level and 5.2per cent at Group in December 2024 (2023: Bank, 2.5per cent; Group, 4.2per cent) and cost of risk (COR) closed at 4.9per cent from 4.5per cent in December 2023.
Commenting on the results, the Group Chief Executive Officer, GTCO, Mr. Segun Agbaje in a statement said: “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive.
“Our capacity 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. We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.
He further added; “The total dividend of N8.03k for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year. Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability.
“We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create more value for our shareholders.”
