GTCO records 36.5% growth in Q1’23 profit to N74.1bn

Home Business GTCO records 36.5% growth in Q1’23 profit to N74.1bn

GTCO records 36.5% growth in Q1’23 profit to N74.1bn

GTCO Plc has reported a 36.5% increase in profit before tax for Q1'2023, reaching N74.1 billion compared to N54.3 billion in Q1'2022. The company's unaudited financial statements revealed a dip of 1.5% in the Group's net loan book to N1.86 trillion, while deposit liabilities rose by 9.9% to N5.07 trillion in March 2023.

Despite this, GTCO Plc's balance sheet remained strong with total assets and shareholders' funds closing at N6.7 trillion and N975.6 billion, respectively.

The Full Impact Capital Adequacy Ratio (CAR) remained robust at 23.2%, while the IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4% and 0.2% in March 2023.

The Group Chief Executive Officer, Mr. Segun Agbaje, expressed satisfaction with the results and highlighted the company's commitment to delivering better outcomes for customers and businesses in their financial ecosystem..

source;Vanguardngr.com
link;https://www.vanguardngr.com/2023/05/gtco-records-36-5-growth-in-q123-profit-to-n74-1bn/

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