GTCO Declares N221.5bn Profit In 2021

Guaranty Trust Holding Company Plc, (GTCO Plc) has released its audited financial report for the year ending Dec. 31, 2021.

The group, in a statement on Sunday in Lagos, said the company released the financial report to the Nigerian and London stock exchanges, declaring a profit before tax of ₦221.5 billion.

This represents a dip of 7.0 per cent from ₦238.1 billion recorded in December 2020.

It said the company’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing 2021 at ₦5.44 trillion and ₦883.2 billion, respectively.

It said full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.8 per cent while asset quality was sustained with Non Performing Loan (NPL) ratio of 6.0 per cent based on International Financial Reporting Standards (IFRS) of 6.92per cent.

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