Guaranty Trust Holding Company (GTCO), under the leadership of Nigerian banker and business executive Segun Agbaje, has stunned financial markets by announcing a 261.6-percent surge in profit for the first half of 2023, exceeding expectations and solidifying its position as one of Nigeria’s biggest financial services providers.
According to the recently published audited half-year results, GTCO’s profit during the first six months of 2023 skyrocketed to N280.48 billion ($370.51 million), compared to N77.56 billion ($102.45 million) for the same period in 2022.
This substantial increase can be attributed to the revaluation of investment securities in Naira terms following the unification of the Naira in Q2 2023, resulting in a foreign exchange revaluation gain of N357.47 billion ($142.57 million).
GTCO’s stellar financial performance is further underscored by a significant surge in interest income, which soared from N135 billion ($178.33 million) in H1 2022 to N214.6 billion ($283.5 million) as of this report.
The company’s balance sheet reflects its robust performance, with total assets growing from N6.45 trillion ($8.52 billion) on Dec. 31, 2022, to N8.51 trillion ($11.24 billion). Its retained earnings climbed from N214.86 billion ($283.82 million) to N360.67 billion ($476.4 million), solidifying its status as one of Nigeria’s most profitable financial lenders.
As a result, GTCO’s board of directors has proposed an interim dividend of N0.50 ($0.00066) per share for shareholders whose names appear on the register of shareholding at the closing date.
GTCO’s extraordinary performance in the first half of 2023 has sent ripples through Nigeria’s financial sector, demonstrating the company’s resilience in the face of economic challenges and its commitment to delivering value to shareholders and stakeholders alike.
Agbaje’s leadership has been pivotal to GTCO’s remarkable success as he continues to guide the group to new heights. The strategic shift to a holding company structure under his leadership has evidently paid off, as GTCO has consistently grown its commercial banking operations and non-banking financial services.
