• Home
  • About Us
  • Contact Us
Thursday, August 7, 2025
Star Lite News
  • Home
  • News
    • All
    • Business
    Natasha Akpoti-Uduaghan

    “My Suspension Was Fraudulent” – Natasha Akpoti-Uduaghan Challenges Akpabio, Denied Access to NASS

    SunTrust Bank

    $12M Money Laundering Trial: SunTrust Bank MD Halima Buba, Executive Face EFCC Witness Testimony in Court

    Buhari

    National Tribute: Public Holiday Declared in Memory of Buhari’s Service to Nigeria

    Okpebholo

    Governor Okpebolo Floors PDP At The Supreme Court

    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Tom Njemanze

    Nollywood Loses Another Legend: Tom Njemanze Passes Away

    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    Natasha Akpoti-Uduaghan

    “My Suspension Was Fraudulent” – Natasha Akpoti-Uduaghan Challenges Akpabio, Denied Access to NASS

    SunTrust Bank

    $12M Money Laundering Trial: SunTrust Bank MD Halima Buba, Executive Face EFCC Witness Testimony in Court

    Buhari

    National Tribute: Public Holiday Declared in Memory of Buhari’s Service to Nigeria

    Okpebholo

    Governor Okpebolo Floors PDP At The Supreme Court

    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Tom Njemanze

    Nollywood Loses Another Legend: Tom Njemanze Passes Away

    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home Banking News

GTCO Posts N609.3bn Pre-tax Profit

starliteadmin by starliteadmin
April 9, 2024
in Banking News, Business
0
GTCO
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

Guaranty Trust Holding Company Plc (GTCO) has reported a Profit Before Tax of N609.3 billion for the financial year ended Dec. 31, 2023.

This represents an increase of 184.5 per cent over N214.2billion recorded in the corresponding year.

The group announced this in its audited financial statements for the year ended Dec. 31, 2023, sent to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) in Lagos.

GTCO’s loan book (net) increased by 31.5 per cent from N1.89 trillion recorded as at December 2022 to N2.48 trillion in December 2023.
The group’s deposit liabilities grew by 63.7 per cent, from N4.61 trillion posted in the year ended 2022 to N7.55 trillion at the close of year 2023 business.

The holdings balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion, respectively.

Also, the Full Impact Capital Adequacy Ratio (CAR) closed at 21.9 per cent, while asset quality was sustained.
The International Financial Reporting Standard (IFRS) nine stage three loans improved to 4.2 per cent in December 2023 from 5.2 per cent recorded in December 2022.

However, Cost of Risk (COR) closed at 4.5 per cent  from 0.6 per cent in Dec. 2022, as a result of worsening macros, which caused significant increase in Expected Credit Loss ( ECL) variables.

Commenting on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said the challenging operating environment of 2023 truly tested the business model put in place for the holding company, for both its banking and non-banking business verticals.

Agbaje stated that harnessing the group’s synergies yielded a strong performance and allowed the company to strengthen its foothold in banking.

He explained that GTCO also built viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences, as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.
“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value.
“Creating more opportunities for the businesses and individuals we serve.
“As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders,” he said.

Tags: GTCOGTCO Posts N609.3bn Pre-tax ProfitGuaranty Trust Holding Company PlcMr. Segun AgbajeStarlitenewsThe Group Chief Executive Officer of GTCO
Previous Post

Eid -El-Fitr: Thursday Approved As Additional Public Holiday

Next Post

Wema Bank Fined N61.4m After Breaching 7 Nigerian Laws

starliteadmin

starliteadmin

Related Posts

Dangote Cement

Minister Extols Dangote Cement, Seeks Partnership To Bridge Housing Gap

by starliteadmin
July 30, 2025
0

Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has lauded the Dangote Cement Plc for its contributions to the...

Dangote Cement

FOOD PRODUCTION: MINISTER LAUDS DANGOTE CEMENT OVER FARMERS’ EMPOWERMENT

by starliteadmin
July 25, 2025
0

Minister of Solid Mineral Development, Mr. Dele Alake has lauded the management of Dangote Cement, Ibese for its contributions to...

TAJBank

System Error: TAJ Bank Drops Court Case to Recover Funds Transferred to 26 Banks

by starliteadmin
July 25, 2025
0

TAJ Bank Ltd experienced a major system glitch in March, resulting in unauthorized transfers totaling N957.4 million to accounts across...

Zenith Bank

ZENITH BANK NAMED NIGERIA’S BEST BANK AT EUROMONEY AWARDS FOR EXCELLENCE 2025

by starliteadmin
July 21, 2025
0

Zenith Bank Plc has been named “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025, emerging as Nigeria’s standout...

Dangote Foundation

Dangote Foundation distributes rice to 10,000 families in Bayelsa

by starliteadmin
July 9, 2025
0

The Aliko Dangote Foundation has flagged off the distribution of 10,000 bags of rice, each weighing ten kilograms, to vulnerable...

Ecobank

Ecobank Unveils Customer Value Proposition to Drive a Sustainable Education Ecosystem

by starliteadmin
July 7, 2025
0

Ecobank Nigeria, an affiliate of the leading pan-African banking group, Ecobank Group, has announced a comprehensive suite of innovative financial...

Next Post
Managing Director of Wema Bank Plc-Mr. Moruf Oseni

Wema Bank Fined N61.4m After Breaching 7 Nigerian Laws

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • Tinubu and Timothy

    Prince Chukwudi Timothy Appeals For Dialogue Instead Of Nationwide Protest

    0 shares
    Share 0 Tweet 0
  • Peter Obi says victory of Christ the King College at World Affairs Challenge heartwarming

    0 shares
    Share 0 Tweet 0
  • Family reveals Ifeanyi Ubah’s burial date

    0 shares
    Share 0 Tweet 0
  • ACEACRES24: Akmodel MD Makes Presentations At The 2Days Event (Photos)

    0 shares
    Share 0 Tweet 0
  • Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0

Recent Posts

  • NCAA Suspends KWAM1 from Air Travel for Six Months Following Airport Incident (Vide)
  • Joy in Akwa Ibom as ADF distributes rice to vulnerable citizens
  • President Tinubu gives D’Tigress $100,000 each, flats, national honour
  • Ekiti State Residents Benefit from Fidelity Food Bank Programme
  • Air Peace Holds Strategic Retreat to Boost Leadership and Customer Experience After Heathrow Slot Win
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

  • https://starlitenews.com.ng/2024/04/13/fleeing-binance-executive-anjarwalla-found-in-kenya/
  • https://starlitenews.com.ng/2024/07/23/aig-imoukhuede-foundation-convenes-national-workshop-to-address-public-sector-reform-challenges-in-nigeria/
  • https://starlitenews.com.ng/2024/04/19/arise-news-channel-goes-live-in-south-africa-angola-botswana-7-others/
  • https://starlitenews.com.ng/2024/10/06/polaris-bank-partners-ui-ncf-on-environmental-conservation-tree-planting/