Guaranty Trust Holding Company Plc said it recorded N169.7bn profit in the third quarter.
It disclosed this in a statement on its unaudited consolidated and separate financial statements for the period ended September 30, 2022, to the Nigerian Exchange Group and London Stock Exchange.
“The Group reported profit before tax of N169.7bn, representing an increase of 11.7 per cent over N151.9bn recorded in the corresponding period ended September2021,” it stated.
According to the statement, the Group’s loan book (net) increased by 2.2 per cent from N1.80tn in December 2021 to N1.84tn in September 2022, while deposit liabilities increased by 6.4 per cent from N4.13tn in December 2021 to N4.39tn in September 2022.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.81tn and N872.8bn, respectively.
Strong capital ratios and asset quality were sustained as CAR, NPL ratio, and Cost of Risk closed at 20.7 per cent, 5.6 per cent, and 0.2 per cent in September 2022 from 23.8 per cent, 6.0 per cent, and 0.5 per cent in December 2021, respectively.
Commenting on the results, the Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said, “The Group’s third quarter result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our operating environment. We have also kept in focus our vision of supporting small and medium enterprise specifically through our free business platforms to help them stay in business and expand their offerings.