See more as GTCO announces record-breaking profit in 2024, CEO speaks on performance

• GTCO Plc has posted a record-breaking pre-tax nett of implicit N1 trillion for its 2024 fiscal year
• This fig represents the highest nett successful banking past and highlights the singular net recorded by banks
• The CEO of GTCO Plc, Segun Agbaje, has shared insights into the company's 2024 results and expectations ahead

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Guaranty Trust Holding Company Plc (GTCO), the genitor institution of GTbank has reported a nett earlier taxation (PBT) of N1.266 trillion for the twelvemonth ended December 31, 2024.

This is simply a monolithic 107.8% summation erstwhile compared to N609.3 cardinal successful 2023, according to its audited consolidated and abstracted fiscal statements submitted to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

GTCO genitor institution announces biggest nett successful banking history Photo credit: nurphoto
Source: Getty Images

The robust net bespeak the Group’s diversified gross base, disciplined superior management, and beardown hazard absorption framework, GTCO said successful a connection on Thursday.

Breakdown of GTbank fiscal performance

The financial services radical recorded maturation crossed each cardinal fiscal metrics, achieving the highest nett successful Nigeria’s banking history.

Net loans accrued by 12.3% to N2.79 trillion from N2.48 trillion successful 2023, portion deposit liabilities surged 37.8% to N10.40 trillion from N7.55 trillion.

Total assets roseate to N14.8 trillion, with shareholders’ funds closing astatine N2.7 trillion.

The Group’s Capital Adequacy Ratio (CAR) remained beardown astatine 39.3%, portion plus prime was sustained, arsenic IFRS 9 Stage 3 loans stood astatine 3.5% astatine the slope level and 5.2% astatine the Group level, compared to 2.5% and 4.2%, respectively, successful 2023.

Also, GTCO announced a full dividend of N8.03 per stock for the full-year 2024, successful enactment with its contented of expanding dividend payouts annually, Punch reports.

GTCO continues to station beardown fiscal ratios wrong the Nigerian fiscal services sector, reporting a pre-tax instrumentality connected equity (ROAE) of 60.5%, pre-tax instrumentality connected assets (ROAA) of 10.3%, a CAR of 39.3%, and a cost-to-income ratio of 24.1%.

CEO speaks connected show

Reacting to the result, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, said:

“Our beardown show for 2024 underscores the resilience and extent of our business, driven by a well-diversified net basal crossed our banking and non-banking subsidiaries, each of which are nett and nonaccomplishment (P&L) positive.“We person besides prudently provided for each our forbearance loans, good up of the June 2025 timeline, portion afloat accruing for the windfall tax, further strengthening our equilibrium sheet.”"Looking ahead, the Group remains committed to leveraging exertion and operational ratio to thrust maturation crossed its concern segments, including banking, funds management, pension, and payments."

Zenith Bank's fiscal show successful 2024

In a related development, Legit.ng reported that Zenith Bank besides declared awesome gross successful 2024, importantly boosting the nett worthy of its shareholders, including laminitis Jim Ovia.

All cardinal metrics of Zenith Bank improved, cementing the fiscal institution's spot arsenic 1 of the best.

Adaora Umeoji, Group Managing Director/CEO, promised to make worth for customers and stakeholders.

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Source: Legit.ng