Guaranty Trust Holding Company Plc (GTCO), has released its Audited Consolidated and Separate Financial statements for the year ended December 31, 2024, with profit before tax of N1.266 trilion, representing an increase of 107.8% over N609.3 billion recorded in the corresponding year ended December 2023.

This performance reflects not just strong earnings but also the quality and sustainability of our 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 continues to maintain a well-structured, healthy, and diversified balance sheet.

The group’s loan book (net) increased by 12.3% from N2.48 trillion in December 2023 to N2.79trillion in December 2024, while deposit liabilities grew by 37.8% from N7.55trillion to N10.40trillion during the same period. Total assets and shareholders’ funds closed at N14.8trillion and N2.7trillion, respectively.

Capital Adequacy Ratio (CAR) closed at 39.3%, likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% at Bank Level and 5.2% at Group in December 2024 (2023: Bank, 2.5%; Group, 4.2%) and cost of risk (COR) closed at 4.9% from 4.5% in December 2023.

The Group Chief Executive Officer of GTCO Plc, Mr. Segun Agbaje, 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 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 continues 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.”