GTCO releases Q1 2022 unaudited results, declares N54.3bn profit before tax
The group, in a statement on Wednesday in Lagos, said the figure represents an increase of 1.1 per cent over ₦53.7 billion recorded in the corresponding period March 2021.
It said that foreign exchange translation of the FCY loan book led to a drop in the group’s net loans by 4.7 per cent from N1.80 trillion recorded as at Dec. 2021 to N1.72 trillion in March 2022.
Its deposit liabilities, however, grew by 0.7 per cent from N4.13 trillion in Dec. 2021 to N4.16 trillion in March 2022.
The company’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing 2022, at N5.50 trillion and N908.8 billion, respectively.
Capital Ratios and Asset Quality was sustained as CAR, NPL ratio and Cost of Risk (COR) closed at 22.9 per cent, 5.9 per cent and 0.1 per cent in March 2022 from 23.8 per cent, 6.0 per cent and 0.5 per cent in Dec. 2021, respectively.
Mr Segun Agbaje, the Group Chief Executive Officer, GTCO Plc said, the company’s first quarter results showed a decent improvement across key revenue lines as well as other financial metrics.
This, Agbaje, said demonstrated the group’s ability to effectively navigate the evolving business landscape anchored on our strong business fundamentals.
He said, “With this performance, we are optimistic about the rest of 2022 as we rapidly consolidate the gains of our new holding company structure to deliver superior Stakeholder value.
“Importantly, our non-banking businesses including Pension Management, Wealth Management and Payments, will serve to diversify our earnings capacity as we look to create a model financial services ecosystem for all of Africa.
As a Group, we are fully committed to providing innovative financial solutions whilst constantly delivering best-in-class customer experiences in line with our long-term strategy.”
The group added that in terms of significant performance metrics, it had continued to post one of the best metrics in the Nigerian financial services Industry in terms of key financial ratios.
This ratios include Post-Tax Return on Equity (ROAE) of 19.3 per cent, Post-Tax Return on Assets (ROAA) of 3.2 per cent, Full Impact Capital Adequacy Ratio (CAR) of 22.9 per cent and Cost to Income ratio of 47.0 per cent.”