The Group’s balance sheet remained well structured and
resilient with total assets and shareholders’ funds closing FY 2021 at
₦5.44trillion and ₦883.2billion, respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very
strong closing at 23.8% while asset quality was sustained with NPL ratio of
6.0% based on IFRS (6.92% based on CBN Prudential Guidelines) representing a
marginal improvement over IFRS 6.4% impaired ratio and a slight increase over
FY 2020 6.86% CBN Prudential Guideline NPL ratio. Also, Cost of Risk improved
to 0.5% from 1.2% during the same period.
The Group posted Profit Before Tax of ₦221.5billion,
representing a dip of 7.0% from ₦238.1billion recorded in December 2020. In the
same period, the Group’s loan book (net) increased by 8.4% from ₦1.66trillion
while deposit liabilities grew by 14.4% from ₦3.61trillion to ₦4.13trillion.
Speaking on the results, the Group Chief Executive of
Guaranty Trust Holding Company, Mr. Segun Agbaje, said: “Our performance
reflects the strength of our franchise and underscores our ability to deliver
long-term value for our Stakeholders in spite of the challenges in the business
environment and shifting economic conditions.
As a Group, we have continued to explore newer ways to
connect with our customers and better our communities by offering greater and
more rewarding experiences.”
He further added, “2021 presented a crucial opportunity as
we took strategic steps to reorganise our business and advance our position as
a leading financial services company.
With the recent addition of Pension Fund and Wealth
Management businesses to the Group, we are well on our way to rapidly scale our
operations and strengthen our foothold in these key industry segments.
Our goal is to consolidate our place at the top of Africa’s
financial services value chain by leveraging technology to provide end-to-end
financial solutions to more people and businesses across Africa.”
In terms of significant performance metrics, the Group
maintained a decent showing with post-tax Return on Equity (ROAE) of 20.6%,
post-tax Return on Assets (ROAA) of 3.4%, Full Impact Capital Adequacy Ratio
(CAR) of 23.8%, and Cost to Income Ratio (CIR) of 42.3%.
GTCO Plc is a fully-fledged financial services group with
banking operations across West and East Africa and the United Kingdom as well
as non-banking businesses in several key industry segments including Payment,
Funds Management and Pension Fund Management.
With over 25 million customers and more than 10,000
employees, the Group remains one of the most profitable and best managed
financial services companies out of Nigeria.
Its leadership in the banking industry and efforts at
empowering people and communities has earned it many prestigious awards over
the years including Africa’s Best Bank and the Best Bank in Nigeria at the 2021
Euromoney Awards for Excellence.
It also retained its position as Africa’s Most Admired
Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s
Best Brands.