GTCO Hits Record N1.017 Trillion Profit in 2024—Highest in Its History

Guaranty Trust Holding Company (GTCO) Plc has achieved a groundbreaking milestone, reporting a record-breaking profit after tax of N1.017 trillion for the 2024 financial year. This marks an impressive 88.4% increase from the N539.6 billion recorded in 2023, cementing GTCO’s position as one of Nigeria’s most profitable financial institutions.

Unprecedented Growth in Revenue and Profitability

GTCO’s financial performance in 2024 reflects its strategic expansion and operational efficiency:

• Gross Earnings: The company reported a substantial increase in gross earnings, rising from N1.13 trillion in 2023 to N2.12 trillion in 2024.
  
• Pre-Tax Profit: GTCO recorded a pre-tax profit of N1.266 trillion, reflecting a 108% surge from the N609.3 billion posted in the previous year.
  
• Financial Inclusion Efforts: The bank opened 963,076 new accounts, attracting about N9.5 billion in fresh deposits.
  

GTCO’s Transaction Volume and Digital Banking Trends

Despite strong financial growth, GTCO witnessed a shift in transaction patterns:

• ATM Transactions: Debit card transactions on ATMs declined from 52.6 million in 2023 to 34.5 million in 2024. However, transaction value increased by 9% from N415.2 billion to N452.4 billion.
  
• POS and Web Transactions: The number of transactions dropped from 775.4 million to 751.8 million, but their value surged by 38.3%, growing from N8.6 trillion in 2023 to N11.9 trillion in 2024.
  

Fraud Incidents Decline in 2024

GTCO also reported improvements in fraud management:

• Total Fraud Incidents: The number of fraud cases dropped from 16,965 in 2023 to 15,544 in 2024.
  
• Financial Losses: While the valuation of fraud-related incidents decreased from N2.7 billion to N1.9 billion, the actual/expected loss fell from N198 million to N159 million.
  
• Customer Complaint Resolutions: GTCO received 941,241 customer complaints in 2024, successfully resolving 935,081 cases.
  

GTCO’s Landmark Capital Raise and Expansion Plans

In July 2024, GTCO launched a public offer to raise N400.5 billion by selling 9 billion ordinary shares at N44.50 per share. This move reflects the bank’s commitment to expanding its financial ecosystem, which includes banking, funds management, pensions, and payment services.

CEO Segun Agbaje on GTCO’s Future Outlook

GTCO’s Group CEO, Segun Agbaje, expressed optimism about the bank’s growth strategy:

“We remain committed to leveraging our strengths as a financial services ecosystem to create sustainable value for our stakeholders. Despite economic uncertainties, our performance underscores GTCO’s resilience and adaptability.”

Key Financial Ratios and Market Performance

GTCO recorded strong financial ratios, reinforcing its leadership in Nigeria’s banking sector:

• Return on Equity (ROAE): 103.6%
  
• Return on Assets (ROAA): 16.6%
  
• Capital Adequacy Ratio (CAR): 21.0%
  
• Cost-to-Income Ratio: 16.7%
  

GTCO’s Dominance in the African Financial Market

GTCO is one of Africa’s largest financial institutions, with operations spanning Nigeria, the UK, and nine other African countries. As it continues to expand, its record-breaking 2024 performance positions it as a formidable player in the financial sector.

GTCO’s historic N1.017 trillion profit in 2024 reflects its strong market position, financial stability, and commitment to innovation.