Guaranty Trust Bank records N1.27 trillion profit in 2024 financial year & pays N8.03 per share dividend
Guaranty Trust Holding Company Plc (GTCO) has released its audited financial results for the 2024 fiscal year, posting a record profit before tax of ₦1.27 trillion, a 107.8% increase from the ₦609.3 billion recorded in 2023. This strong performance, announced on the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), reflects GTCO’s solid earnings growth, disciplined capital management, and robust risk controls.
In line with its impressive financial results, the Group declared a record total dividend of ₦8.03 per share, reinforcing its commitment to delivering shareholder value.
GTCO’s balance sheet remained strong, with total assets rising to ₦14.8 trillion, while shareholders’ funds reached ₦2.7 trillion. The Group’s loan book (net) grew by 12.3% to ₦2.79 trillion, and deposit liabilities surged by 37.8% to ₦10.40 trillion. Asset quality remained resilient, with a Capital Adequacy Ratio (CAR) of 39.3% and IFRS 9 Stage 3 Loans closing at 3.5% (Bank Level) and 5.2% (Group Level).
“Our performance in 2024 highlights the strength of our diversified earnings base across banking and non-banking subsidiaries,” said Segun Agbaje, GTCO’s Group CEO. “We have prudently provided for all forbearance loans well ahead of the June 2025 deadline while fully accruing for the windfall tax, further reinforcing our financial resilience.”
GTCO remains one of Nigeria’s best-performing financial institutions, boasting a Return on Equity (ROAE) of 60.5%, Return on Assets (ROAA) of 10.3%, and an industry-leading Cost-to-Income Ratio of 24.1%.
Looking ahead, the Group aims to strengthen its digital transformation, expand its presence in payments, funds management, and pensions, and deepen customer relationships to sustain long-term growth.
