Guaranty Trust Holding Company Plc has announced an impressive 587.5 percent surge in its profit before tax, reaching N509.3 billion in the first quarter ending March 2024 compared to the same period in 2023. These results were disclosed in the company's unaudited report for the first quarter, which was filed with the Nigerian Exchange Limited.

The banking group's profit before tax skyrocketed to N509.3 billion, marking a significant increase from N74.1 billion recorded in the corresponding quarter of March 2023. Additionally, the Group's balance sheet expanded during the review period, with total assets and shareholders' funds reaching N13 trillion and N2 trillion, respectively.

GTCO revealed that its net loan book witnessed a notable 21.9 percent growth, rising from N2.48 trillion in December 2023 to N3.02 trillion in March 2024. Meanwhile, deposit liabilities also surged by 26.0 percent, escalating from N7.55 trillion in December 2023 to N9.51 trillion in March 2024.

Speaking on the results, Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, expressed satisfaction with the performance, emphasizing the value generated across all business verticals under the Holding Company Structure. Despite operating in a challenging environment, the company delivered robust growth across various financial and non-financial metrics, aligning with its full-year guidance.

Agbaje underscored the company's commitment to strengthening relationships with customers, supporting individuals, businesses, and communities through free business platforms and innovative products. He reaffirmed the company's confidence in leading the future of financial services in Africa while delivering long-term value to stakeholders.

In its annual reports for 2023, the Group disclosed a profit before tax of N609.3 billion, marking a significant 184.5 percent increase over N214.2 billion recorded in the corresponding year ending December 2022.

Furthermore, to meet the new capital requirement set by the Central Bank of Nigeria, GTCO announced plans to raise additional capital of up to $750 million through the issuance of various securities in both the Nigerian and international capital markets.

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