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

Guaranty Trust Holding Company Plc (GTCO) has announced its audited financial results for the year ended December 31, 2024, reporting a remarkable profit before tax (PBT) of N1.266 trillion, a 107.8% increase from the N609.3 billion recorded in 2023. This outstanding performance underscores the Group’s strong earnings quality, strategic growth initiatives, and robust risk management framework.

The financial institution maintained impressive growth across key metrics, with total assets reaching N14.8 trillion and shareholders’ funds standing at N2.7 trillion. GTCO’s loan portfolio expanded by 12.3% to N2.79 trillion, while customer deposits surged by 37.8% to N10.4 trillion, reflecting heightened confidence in the Group’s financial stability.

Speaking on the results, Segun Agbaje, Group CEO of GTCO Plc, attributed the stellar performance to the strength of the company’s diversified revenue streams across its banking and non-banking subsidiaries. He emphasized that GTCO remains committed to sustainable growth, operational efficiency, and disciplined capital management.

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

He further noted that the total dividend of N8.03 per share reinforces GTCO’s commitment to rewarding shareholders, aligning with the Group’s tradition of consistent dividend growth. Looking ahead, GTCO aims to deepen customer engagement, enhance technological capabilities, and drive innovation across its key business segments—Banking, Payments, Funds Management, and Pensions—to unlock new value opportunities.

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%. These figures reaffirm the Group’s position as one of Nigeria’s most resilient and profitable financial institutions.

As a leading financial services group with a presence across Africa and the United Kingdom, GTCO remains focused on driving sustainable growth, enhancing financial inclusion, and delivering long-term value to its stakeholders.