GTCO Plc Releases 2023 Half Year Audited Results; Reports Profit Before Tax of ₦327.4billion

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated
and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group
(NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦327.4billion, representing an increase of 217.1% over
₦103.2billion recorded in the corresponding period ended June 2022. The Group’s loan book (net)
increased by 22.8% from ₦1.89trillion recorded as at December 2022 to ₦2.32trillion in June 2023, while
deposit liabilities grew by 37.0% from ₦4.61trillion in December 2022 to ₦6.32trillion in June 2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’
funds closing at ₦8.5trillion and ₦1.2 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR)
remained very strong, closing at 24.7%, while asset quality was sustained as IFRS 9 Stage 3 Loans
improved to 4.6% in June 2023 from 5.2% December 2022, however, Cost of Risk (COR) closed at 3.7%
from 0.6% in December 2022 owing to worsening macros which caused significant increase in ECL

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc,
Mr. Segun Agbaje, said; “Our half year audited results reflect the strong business fundamentals
underpinning the GTCO franchise, the quality of our past decisions in future proofing our balance sheet
for challenging times, and the sound practices that guide our day-to-day operations.

Despite the challenges in the business environment, notably inflationary pressures and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure. Improved profitability and a solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development, and our people.”

He further said; “We recognise the impact prevailing economic and market conditions have on people
and livelihoods and we remain committed to seeking better outcomes for our customers by ensuring that
our products and service offerings support our customers and their businesses through their evolving
realities, whilst also taking every opportunity to optimise stakeholder value.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry
in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 61.4%, Pre-Tax Return on
Assets (ROAA) of 8.8%, Full Impact Capital Adequacy Ratio (CAR) of 24.7% and Cost to Income ratio of

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa,
United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund
Administration. Its leadership in the banking industry and efforts at empowering people and communities
has earned it many prestigious awards over the years. Recently, Guaranty Trust Bank was recognized
as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best

Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s
Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa
rankings by The Banker.

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