Guaranty Trust Holding Company (GTCO), led by the accomplished Nigerian banker and business executive Segun Agbaje, has not only met but exceeded investors’ expectations, achieving a remarkable milestone with a record-breaking profit of $480 million at the close of the first nine months in 2023.
The recently published financial results reveal a remarkable 182-percent surge in GTCO’s profits under the leadership of Segun Agbaje. Profits rose from N130.35 billion ($170.5 million) during the corresponding nine-month period in 2022 to an impressive N367.42 billion ($480 million) in the first nine months of the group’s 2023 fiscal year.
This exceptional upswing in the company’s profits during this period can be attributed to a substantial increase in both interest and non-interest income. These factors played pivotal roles in the group’s remarkable financial performance.
Moreover, GTCO’s substantial earnings boost can also be attributed to the revaluation of investment securities in Naira terms, driven by the currency unification in Q2 2023, resulting in a foreign exchange revaluation gain of N334.35 billion ($435.56 million).
Segun Agbaje’s leadership remains a key ingredient in GTCO’s success
Agbaje’s leadership has been instrumental in GTCO’s remarkable success as he continues to steer the group to greater heights. The strategic transition to a holding company structure under his guidance has undeniably paid off, with GTCO consistently expanding its commercial banking operations and non-banking financial services.
Thanks to this outstanding financial performance, the group’s total assets have surged from N6.44 trillion ($8.4 billion) at the beginning of the year to an impressive N8.61 trillion ($11.23 billion).
Simultaneously, retained earnings have increased from N214.86 billion ($280.2 million) to a robust N424.49 billion ($553.6 million), firmly establishing the group as one of Nigeria’s most profitable financial institutions.
