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 Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
