Economy
GTCO Excites Shareholders With N2.80 Final Dividend, Declares N169.2bn Net Profit
By Dipo Olowookere
The audited financial statements of Guaranty Trust Holding Company (GTCO) Plc for the 2022 accounting year have been released to the Nigerian Exchange (NGX) Limited, and from the analysis, the firm net profit moderated by 3.20 per cent to N169.2 billion from N174.8 billion.
This was after a N35.6 billion impairment recognised on Ghanaian sovereign securities weakened the pre-tax profit by 3.30 per cent to N214.2 billion from N221.5 billion.
However, this did not deter the board from maintaining its dividend payout as it recommended the payment of a cash reward of N2.80 to shareholders, bringing the total dividend for the year to N3.10 after it paid an interim dividend of 30 Kobo in the second quarter of the year under review.
A further look into the books of GTCO showed that its gross earnings improved in the year under consideration to N539.2 billion from N447.8 billion a year earlier, while its net loan book increased by 4.6 per cent from N1.80 trillion as at December 2021 to N1.89 trillion in December 2022, with deposit liabilities growing by 11.6 per cent from N4.13 trillion to N4.61 trillion during the same period.
Also, its balance sheet remained well-structured and resilient, with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively.
Further, Capital Adequacy Ratio (CAR) remained very strong at 24.1 per cent, with asset quality sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2 per cent in December 2022 from 6.0 per cent in December 2021.
However, the Cost of Risk (COR) inched up marginally to 0.6 per cent in FY 2022 from 0.5 per cent in FY 2021 due to the impact of worsened macros on PDs.
“Our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.
“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth,” the group chief executive of GTCO, Mr Segun Agbaje, commented on the results.
“As an organisation, 2022 was quite significant for us, being the first year after our corporate restructuring into a financial holding company in August 2021.
“Today, across our banking, payment, funds management, and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders,” he stated.
“We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa,” Mr Agbaje assured.
Overall, GTCO continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios, with Pre-Tax Return on Equity (ROAE) of 23.6 per cent, Pre-Tax Return on Assets (ROAA) of 3.6 per cent, Full Impact Capital Adequacy Ratio (CAR) of 24.1 per cent and Cost to Income ratio of 48.0 per cent.
The firm is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the 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 have earned it many prestigious awards over the years.
Recently, the bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.30 per cent on Wednesday, May 13, extending the presence of the bourse in red.
During the session, the NASD Unlisted Security Index (NSI) depreciated by 12.55 points to close at 4,143.97 points compared with the previous day’s 4,156.52 points, and the market capitalisation dropped N7.51 billion to settle at N2.479 trillion versus Tuesday’s closing value of N2.486 trillion.
The loss recorded yesterday occurred as the platform ended with four price gainers and four price losers.
Nipco Plc lost N34.40 to sell at N309.60 per share versus N344.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N4.00 to N72.00 per unit from N76.00 per unit, NASD Plc tumbled by N2.36 to N35.00 per share from N37.36 per share, and Food Concepts Plc dipped by 24 Kobo to quote at N2.26 per unit compared with the preceding session’s N2.50 per unit.
Conversely, FrieslandCampina Wamco Plc rose by N12.74 to N146.34 per share from N133.60 per share, IPWA Plc soared by 73 Kobo to N8.03 per unit from N7.30 per unit, First Trust Mortgage Bank Plc added 20 Kobo to finish at N2.52 per share versus its previous value of N2.32 per share, and Light House Financial Service Plc gained 8 Kobo to close at 94 Kobo per unit versus 86 Kobo per unit.
Yesterday, the volume of securities slumped by 48.3 per cent to 1.4 million units from 2.7 million units, the value of securities dropped 43.6 per cent to N36.8 million from N65.2 million, and the number of deals stumbled by 16.1 per cent to 36 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units traded for N8.4 billion, followed by CSCS Plc with 60.6 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units transacted for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
The Naira ended its recent losing streak with a N5.06 or 0.37 per cent appreciation on Wednesday, May 13, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), trading at N1,370.56/$1 compared with the previous day’s N1,375.62/$1.
In the same vein, the Nigerian Naira appreciated against the Pound Sterling in the official market yesterday by N21.43 to N1,87/£1 from N1,874.42/£1, and gained N16.12 against the Euro to close at N1,605.19/€1 versus N1,621.31/€1.
However, at the GTBank FX desk, it lost N8 against the greenback at midweek to sell at N1,383/$1 compared with the preceding session’s N1,375/$1, and at the parallel market, it remained unchanged at N1,385/$1.
The improvement in the value of the Naira comes as Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with buffers to support the Naira and meet external obligations, also recorded a fresh accretion.
Data published on the apex bank’s website showed that reserves rose by about $150 million or 0.2 per cent to $48.48 billion as of May 12, 2026, from $48.33 billion recorded on May 5, 2026.
Interbank turnover also climbed significantly by 75.31 per cent to $130.55 million on Wednesday compared to $74.47 million recorded the previous day. At the same time, the volume of transactions rose by 25 per cent to 130 deals on Wednesday from 104 deals recorded on Tuesday.
A look at the cryptocurrency market indicated that inflation surprises and renewed geopolitical tension over Taiwan weakened risk sentiment.
The sell pressure built around the Trump-Xi summit in Beijing, the first visit to China by a sitting US president in nearly a decade. Mr Xi pressed Mr Trump on Taiwan in their first meeting at the Great Hall of the People, warning of a potential “collision or even clashes” if the issue is mishandled.
China’s readout of Mr Xi’s remarks appeared to be released before the meeting had concluded, pushing the self-ruled island into the spotlight and rattling risk sentiment globally.
Solana (SOL) crashed by 4.3 per cent to $91.12, Cardano (ADA) depreciated by 2.6 per cent to $0.2656, Ripple (XRP) slumped by 1.6 per cent to $1.43, Bitcoin (BTC) declined by 1.5 per cent to $79,773.30, Ethereum (ETH) tumbled by 1.3 per cent to $2,266.06, and Binance Coin (BNB) slumped by 1.2 per cent to $669.40.
But Dogecoin (DOGE) appreciated by 2.5 per cent to $0.1146, and TRON (TRX) improved by 0.4 per cent to $0.3505, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited cemented its position in the green territory on Wednesday with a marginal 0.04 per cent rise.
This was buoyed by sustained buying pressure on energy equities despite selling pressure on financial stocks, according to data from Customs Street.
The insurance counter was down by 0.73 per cent yesterday, and the banking index shed 0.70 per cent. These losses were offset by gains in the three other key sectors of the bourse, with the energy segment rising by 3.37 per cent. The consumer goods space appreciated by 1.94 per cent, and the industrial goods industry expanded by 0.43 per cent.
At the close of business, the All-Share Index (ASI) increased by 349.96 points to 252,508.19 points from 252,158.23 points, and the market capitalisation grew by N226 billion to N161.839 trillion from N161.613 trillion.
A total of 42 stocks appreciated during the session, while 29 stocks depreciated, implying a positive market breadth index and strong investor sentiment.
The quartet of CWG, DAAR Communications, Fidson, and Livestock Feeds gained 10.00 per cent each to sell for N23.10, N1.87, N113.00, and N10.45, respectively, while Berger Paints rose by 9.97 per cent to N140.10.
On the flip side, NCR Nigeria lost 10.00 per cent to close at N179.10, Zichis decreased by 9.99 per cent to N36.32, First Holdco shed 9.87 per cent to trade at N71.20, Neimeth dropped 9.66 per cent to N172.00, and Eterna eased by 9.59 per cent to N33.00.
At midweek, investors transacted 1.9 billion shares for N118.1 billion in 76,557 deals compared with the 2.0 billion shares worth N87.7 billion traded in 80,888 deals on Tuesday.
This showed that the value of transactions surged by 34.66 per cent, the volume of trades went down by 5.00 per cent, and the number of deals declined by 5.35 per cent.
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