Guaranty Trust Holding Company Plc
UNAUDITED Q3 GROUP RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2024: DECLARES A PBT OF N1.219TRILLION
Lagos Nigeria - October 29, 2024 - Guaranty Trust Holding Company Plc ("GTCO"), (Bloomberg: GUARANTY:NL/Reuters: GUARANT.LG), provider of diversified financial services, announces its unaudited Financial Results for the period ended 30 September 2024 and declares a PBT of N1.219tr.
Financial Highlights
● Earnings
- Profit before tax of ₦1.219tr (30 September 2023: N433.2bn) an increase of 181.5%.
- Profit after tax increased by 195.3% to ₦1.085tr from N367.4bn as of 30 September 2023
- Earnings per share of 3,841kobo compared to 1,298kobo per share as of 30 September 2023.
● Revenue
- Interest income of ₦980.3bn (30 September 2023: N374.6bn) up by 161.7%, primarily driven by growth in Banking Earning Assets (EA) volumes and improved yield recorded by the Banking vertical. AUM growth posted by the Non-Banking Business verticals- GTFM and GTPM, all culminating in 270.6% pick up in interest earned on fixed income securities, 243.9% and 84.8% increase in interest earned on Placements and Loans and advances, respectively.
- Non-funded income (NFI) which comprises of Fee and Commission income (22.0%), Net trading gains (7.4%), and Other Income (70.6%) grew by 71.9% to ₦817.9bn in Q3-2024 from N475.8bn in Q3-2023 due to significant increase in transactional volumes consummated by Banking and Non-Banking Business verticals causing 97.5% and 106.5% growth in fees and commission income and net trading income, respectively, complimented by unrealized fair value gains on Financial Instrument of N523.2bn.
- Net interest margin of 9.8% (30 September 2023: 7.8%).
● Balance Sheet
- Total assets of ₦15.616trn (31 December 2023: N9.691trn) up 61.1%.
- Net loans and advances of ₦3.021trn (31 December 2023: N2.480trn) up 21.8%.
- Deposit liabilities of ₦11.248trn (31 December 2023: N7.547trn) up 49.0%.
● Credit Quality
- IFRS 9 Stage 3 loans to total loans at 3.1% (31 December 2023: 4.2%).
- Coverage for lifetime credit impaired loans at 331.3% (31 December 2023: 191.1%)
- Cost of Risk at 2.2% (31 December 2023: 4.5%).
● Continued focus on efficiency.
- Cost to income (CIR) closed at 19.4%, from 29.7% for the period ended 30 September 2023.
● Subsidiaries
Contribution to Group PBT from West Africa, East Africa and United Kingdom closed at 16.4%, 1.5% and 1.3% in September 2024 from 16.9%, 2.3% and 1.9% in September 2023, respectively, due to improvement in Nigeria contribution to 81.8% from 78.0%. Also, Non-Banking Entities contribution closed 0.9% from 1.0% during the same period.
September 2024 Financial Analysis and Ratios
| Key Financials (N' billion) | Q3-2024 | Q3-2023 | ∆% |
| Interest income | 980.3 | 374.6 | 161.7% |
| Non-interest income | 817.9 | 475.8 | 71.9% |
| Operating income | 1,514.1 | 675.0 | 124.3% |
| Operating expenses | 294.3 | 182.7 | 61.1% |
| Profit before tax | 1,219.5 | 433.2 | 181.5% |
| Profit after Tax | 1,085.0 | 367.4 | 195.3% |
| Earnings per share (in Naira) | 38.4 | 13.0 | 195.9% |
| | | | |
| | Q3-2024 | FY-2023 | ∆% |
| Total assets | 15,615.8 | 9,691.3 | 61.1% |
| Net loans | 3,020.5 | 2,480.3 | 21.8% |
| Deposit liabilities | 11,247.7 | 7,546.9 | 49.0% |
| Key Ratios | Q3-2024 | Q3-2023 |
| ROAE (post-tax) | 70.4% | 44.5% |
| ROAA (post-tax) | 11.4% | 6.5% |
| ROAE (pre-tax) | 79.1% | 52.4% |
| ROAA (pre-tax) | 12.8% | 7.7% |
| Net interest margin | 9.8% | 7.8% |
| Cost-to-income ratio | 19.4% | 29.7% |
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| | Q3-2023 | FY-2023 |
| Net loans to deposits | 26.9% | 32.9% |
| Liquidity ratio | 43.5% | 31.1% |
| Capital adequacy ratio | 39.6% | 21.9% |
| IFRS 9 Stage 3 Loans | 3.1% | 4.2% |
| Cost of risk | 2.2% | 4.5% |
| Coverage (with Reg. Risk Reserves) | 331.3% | 191.1% |
29 October 2024
Enquiries:
| Guaranty Trust Oyinade Adegite, Head, Group Communication |
+234-1-2715227 |
|
Charles Eremi, Group Communication |
|
| | |
Notes to the Editors:
Guaranty Trust Holding Company Plc is a diversified financial services company with N15.616trillion in assets, providing commercial banking services and non-banking financial services across eleven countries.
The Group operates as one of the leading Nigerian financial services companies offering a wide range of commercial banking as well as non-banking financial services in Nigeria, West Africa, East Africa, and the United Kingdom. The Group is rated B- by S&P, a reflection of the Group's stability and reputation of being a well-established franchise with strong asset quality and consistent excellent financial performance.
The Group has the following Banking subsidiaries (including sub-subsidiaries) and non-banking subsidiaries within and outside of Nigeria -
1) Guaranty Trust Bank (Nigeria) Limited ("GTB Nigeria"),
2) Guaranty Trust Bank (Gambia) Limited ("GTB Gambia"),
3) Guaranty Trust Bank (Sierra Leone) Limited ("GTB Sierra Leone"),
4) Guaranty Trust Bank (Ghana) Limited ("GTB Ghana"),
5) Guaranty Trust Bank (Liberia) Limited ("GTB Liberia"),
6) Guaranty Trust Bank (United Kingdom) Limited ("GTB UK")
7) Guaranty Trust Bank (Cote D'Ivoire) ("GTB Cote D'Ivoire"),
8) Guaranty Trust Bank (Kenya) Limited ("GTB Kenya"),
9) Guaranty Trust Bank (Rwanda) Plc Limited ("GTB Rwanda"),
10) Guaranty Trust Bank (Uganda) Limited ("GTB Uganda")
11) Guaranty Trust Bank (Tanzania) Limited ("GTB Tanzania")
12) Habari Pay (Nigeria) Limited ("HabariPay")
13) Guaranty Fund Managers Limited ("GTFML")
14) Guaranty Pension Fund Managers Limited ("GTPML").
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