• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Wednesday, August 13, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home Business

2024 Half Year: GTCO reports N1trn pre-tax profit

Nathaniel Irobi by Nathaniel Irobi
September 11, 2024
in Business
0
2024 Half Year: GTCO reports N1trn pre-tax profit
0
SHARES
6
VIEWS
FacebookTwitterWhatsappEmailTelegram

Guaranty Trust Holding Company Plc (GTCO) has reported a pre-tax profit of N1.004 trilion for the half year ended June 30, 2024.

This was contained in the company’s audited consolidated and separate financial statements sent  to the Nigerian Exchange Ltd. (NGX) and London Stock Exchange (LSE) on Wednesday.
The milestone figure recorded placed GTCO as the first Nigerian financial institution to cross the one trillion Naira mark in profit.

The figure represented an increase of 206.6 per cent over N327.4 billion recorded in the corresponding period ended of June 2023.

The group’s loan book (net) also increased by 25.5 per cent from N2.48 trillion recorded as at December 2023 to N3.11 trillion in June.

RelatedPosts

Naira Rises to N1,555/$ in Parallel Market

BREAKING: Nigeria’s Non-oil Exports Reach $3.225 Billion In First Half of 2025 – NEPC

Dangote Refinery Begins Phased Receipt Of 4, 000 CNG Trucks

Deposit liabilities grew by 39.8 per cent from N7.55 trillion in December 2023 to N10.55 trillion in June.

The Holding’s total assets and shareholders’ funds closed at N14.5 trillion and N2.4 trillion, respectively, while its Capital Adequacy Ratio (CAR)closed robust at 21.0 per cent for the assessed period.

GTCO sustained its asset quality as evidenced by its IFRS nine stage three loans which closed at 4.3 per cent in June, from 4.2 per cent  in December 2023

The company also improved in its Cost of Risk (COR) by 1.6 per cent in the period under review, from 4.5 per cent in December 2023.

ALSO READ:  RG CAC Says Nigeria Is Desirous Of Sustaining Transparent, Accountable And Business Friendly Environment

Commenting on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said that the firm was immensely proud of the progress it has made as a leading financial holding company.

Agbaje said that despite the uncertainties in the operating environment, GTCO was able to record its highest profit to date in the first half of the year.

He said that this was a testament to the resilience and adaptability of the financial holding’s business model.

“We remain optimistic about the future,   and we are committed to leveraging our unique strengths as a thriving financial services ecosystem.

“This is to create sustainable value for all our stakeholders as we continue to position all our business verticals such as banking, funds management, pension, and payments, for rapid growth across key markets,”he said.

According to him, the group recorded growth across all its asset lines.

He said that it  continued to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions where it operates a banking franchise and other businesses.

Overall, the managing director said that the group continued to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios.

GTCO is the ultimate holding company of the GTCO Plc Group, one of the largest financial services institutions in Africa.

The holding company maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.(NAN)(
Tags: GTCOprofit
Nathaniel Irobi

Nathaniel Irobi

Related Posts

Naira Appreciates to N1,560 /$ in Parallel Market

Naira Rises to N1,555/$ in Parallel Market

by Nathaniel Irobi
August 13, 2025
0

The Naira yesterday appreciated to N1,555 per dollar in the parallel market from N1,560 per dollar on Monday. Similarly, the...

BREAKING: Nigeria’s Non-oil Exports Reach $3.225 Billion In First Half of 2025 – NEPC

BREAKING: Nigeria’s Non-oil Exports Reach $3.225 Billion In First Half of 2025 – NEPC

by Nathaniel Irobi
August 10, 2025
0

The Nigerian Export Promotion Council has announced that the country’s non-oil exports climbed to $3.225bn in the first half of...

Dangote Refinery to Build 1.6m-Barrel Fuel Storage Tanks in Namibia

Dangote Refinery Begins Phased Receipt Of 4, 000 CNG Trucks

by Nathaniel Irobi
August 10, 2025
0

The Dangote Refinery has commenced phased receipt of the 4,000 Compressed Natural Gas (CNG) trucks as its petroleum products distribution...

Recommended

Zamfara Cycle Slams Gov Lawal Over Persistent Bandit Attacks

Zamfara Cycle Slams Gov Lawal Over Persistent Bandit Attacks

2 days ago
Sokoto Independent Power To Be Functional In Few Months—Commissioner

Sokoto Independent Power To Be Functional In Few Months—Commissioner

3 days ago

Popular News

  • Cross River State Triumphs at Prestigious All-women Interstate Debate

    Cross River State Triumphs at Prestigious All-women Interstate Debate

    0 shares
    Share 0 Tweet 0
  • BRGIE Acting Prime Minister Provides Explosive Testimony to U.S. Congress Calling For Release of Mazi Nnamdi Kanu & Simon Ekpa

    0 shares
    Share 0 Tweet 0
  • Haske: The Rise Of A New Movement

    0 shares
    Share 0 Tweet 0
  • Rahila Bags Presidential’s NYSC Honours Award For Community Service

    0 shares
    Share 0 Tweet 0
  • Intrigues and Political Uncertainty over 2027 APC Governorship Candidate for Taraba 

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (759)
  • Education (222)
  • Entertainment (314)
  • Health (200)
  • National (2,298)
  • News (8,509)
  • Opinion (312)
  • Politics (1,677)
  • Science (15)
  • Security (406)
  • Sports (460)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform