REG - Guaranty Trust Hldng - Annual Financial Report

Banco Bilbao Vizcaya Argentaria SAAnnouncement

31/03/2025 08:15

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RNS Number : 7886C  Guaranty Trust Holding Company PLC  28 March 2025

Guaranty Trust Holding Company Plc

 

RELEASES AUDITED FULL-YEAR CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS AS
AT DECEMBER 31, 2024; DECLARES PBT OF N1.266TRILLION

 

Lagos Nigeria - March 28, 2025 - Guaranty Trust Holding Company Plc ("GTCO"),
(Bloomberg: GUARANTY:NL/Reuters: GUARANT.LG), provider of diversified
financial services, announces its audited Financial Results for the year ended
31 December 2024 and declares a PBT of N1.266tr.

 

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust
Holding Company Plc (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 further 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
continue 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."

 

Financial Highlights

 

·      Earnings

-  Profit before tax of ₦1.266tr (31 December 2023: N609.3bn) an increase
of 107.8%.

-  Profit after tax also grew by 88.6% to ₦1.017tr from N539.7bn as of 31
December 2023

-  Earnings per share of 3,544kobo compared to 1,907kobo per share as of 31
December 2023.

 

·      Revenue

-  Interest income of ₦1.341tr (31 December 2023: N550.8bn) up by 143.6%,
driven principally by growth in earning assets (EA) volumes and improved yield
recorded by the banking vertical and AUM growth posted by the non-banking
businesses-GTFM and GTPM- culminating in 242.2% expansion in interest earned
on placements, 228.8% on fixed income securities and 70.4% on loans and
advances.

 

-  Non-funded income (NFI) grew by 26.9% to ₦806.5bn in FY-2024 from
N635.7bn in FY-2023 due to significant increase in transactional volumes
consummated by banking and non-banking business verticals resulting in 27.4%
and 10.7% growth in fees and commission income and net trading income,
respectively, and further complemented by unrealized fair value gains on
financial instrument of N517.5bn. Overall, NFI comprise of fee and commission
income (27.4%), net trading gains (10.7%), and other income (61.9%).

 

-  Net interest margin of 10.9% (31 December 2023: 7.9%).

 

·      Balance Sheet

-  Total assets of ₦14.796trn (31 December 2023: N9.691trn) up 52.7%.

-  Net loans and advances of ₦2.786trn (31 December 2023: N2.480trn) up
12.3%.

-  Deposit liabilities of ₦10.401trn (31 December 2023: N7.547trn) up
37.8%.

 

·      Credit Quality

-  IFRS 9 Stage 3 loans to total loans closed at 3.49% (31 December 2023:
2.47%) at Bank level. At Group, it closed at 5.2% (31 December 2023: 4.2%)

-  Coverage for lifetime credit impaired loans closed at 217.7% (31 December
2023: 351.5%) while at Group, it closed at 138.7% (31 December 2023: 191.1%)

-  Cost of Risk closed at 4.9% (31 December 2023: 4.5%).

 

·      Continued focus on efficiency.

-  Cost to income (CIR) closed at 24.1%, from 29.1% for the year ended 31
December 2023.

 

·      Subsidiaries

 

Contribution to Group PBT from West Africa increased from 17.3% in FY- 2023 to
18.4% in FY- 2024. During the same period, the contributions from East Africa
and United Kingdom closed at 1.5% and 1.7% from 2.3% and 1.9% in December 2023
respectively due to improvement in Nigeria contribution to 79.2% from 77.6%.
Also, Non-Banking Entities contribution closed 1.2% from 0.9% during the same
period.

 

December 2024 Financial Analysis and Ratios

 

 Key Financials (N' billion)    FY-2024   FY-2023  ∆%
 Interest Income                1,341.8   550.8    143.6%
 Non-interest income            806.5     635.7    26.9%
 Operating income               1,696.9   954.7    77.7%
 Operating expenses             403.0     250.4    60.9%
 Profit before tax              1,266.2   609.3    107.8%
 Profit after tax               1,017.8   539.7    88.6%
 Earnings per share (in Naira)  35.4      19.1     85.8%

                                FY-2024   FY-2023  ∆%
 Total assets                   14,795.7  9,691.3  52.7%
 Net loans                      2,785.8   2,480.3  12.3%
 Deposit liabilities            10,401.4  7,546.9  37.8%

 

 

 Key Ratios                          FY-2024  FY-2023
 ROAE (post-tax)                     48.6%    44.8%
 ROAA (post-tax)                     8.3%     6.7%
 ROAE (pre-tax)                      60.5%    50.6%
 ROAA (pre-tax)                      10.3%    7.6%
 Net interest margin                 10.9%    7.9%
 Cost-to-income ratio                24.1%    29.1%

                                     FY-2024  FY-2023
 Net loans to deposits               26.8%    32.9%
 Liquidity ratio                     49.2%    31.1%
 Capital adequacy ratio              39.3%    21.9%
 NPL/Total loans                     5.2%     4.2%
 Cost of risk                        4.9%     4.5%
 Coverage (with Reg. Risk Reserves)  138.7%   191.1%

 

28 March 2025

 

Enquiries:

 

 Guaranty Trust

 Oyinade Adegite, Head, Group Communication   +234-1-2715227

 Charles Eremi, Group Communication

 ir@gtcoplc.com (mailto:ir@gtcoplc.com)

 

Notes to the Editors:

 

Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services
group with operations across Africa and the United Kingdom. Renowned for its
strong corporate governance, innovative financial solutions, and
customer-centric approach, GTCO Plc provides a wide range of banking and
non-banking services, including payments, funds management, and pension fund
administration.

 

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) HabariPay (Nigeria) Limited ("HabariPay")

13) Guaranty Trust Fund Managers Ltd ("GTFM")

14) Guaranty Trust Pension Managers Ltd ("GTPM").

 

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