GTCO Achieves Record-Breaking Financial Performance in 2024, Doubling Profit Before Tax

Guaranty Trust Holding Company Plc (GTCO) has reported an exceptional financial performance for the year ending December 31, 2024, achieving a record-breaking profit before tax (PBT) of N1.266 trillion, marking a 107.8% increase from N609.3 billion in 2023. This milestone underscores the group’s strong earnings foundation, strategic expansion efforts, and robust risk management framework.

GTCO demonstrated solid growth across key financial metrics, with total assets surging to N14.8 trillion and shareholders’ funds reaching N2.7 trillion. The group’s loan portfolio expanded by 12.3% to N2.79 trillion, while customer deposits saw a remarkable 37.8% increase to N10.4 trillion, reflecting heightened confidence in the institution’s financial strength.

Strategic Execution and Sustainable Growth

Commenting on the results, Segun Agbaje, Group CEO of GTCO Plc, attributed the impressive performance to the Group’s diversified revenue streams across both its banking and non-banking subsidiaries. He emphasized GTCO’s commitment to sustainable growth, operational efficiency, and disciplined capital management.

“Our success in 2024 reflects our ability to generate high-quality earnings while maintaining strong asset quality. We have proactively positioned ourselves for long-term resilience by fully provisioning for forbearance loans ahead of regulatory deadlines and accounting for the windfall tax,” Agbaje stated.

GTCO also reaffirmed its dedication to shareholder value by declaring a total dividend of N8.03 per share, aligning with its consistent history of rewarding investors.

Industry Leadership and Future Outlook

GTCO continues to set industry benchmarks with its Pre-Tax Return on Equity (ROAE) of 60.5%, Pre-Tax Return on Assets (ROAA) of 10.3%, Capital Adequacy Ratio (CAR) of 39.3%, and Cost-to-Income Ratio of 24.1%, reinforcing its position as one of Nigeria’s most resilient and profitable financial institutions.

Looking ahead, GTCO aims to deepen customer engagement, enhance technological capabilities, and drive innovation across its key business segments—including Banking, Payments, Funds Management, and Pensions—to unlock new growth opportunities.

As a leading financial services group with a strong presence across Africa and the United Kingdom, GTCO remains committed to expanding financial inclusion, driving digital transformation, and delivering long-term value to its stakeholders.