The company disclosed this information in its unaudited consolidated and separate financial statements, which it released to the Nigerian Exchange Limited (Nigeria's main stock exchange), as well as London Stock Exchange.
The statements showed that Group’s loan book (net) dipped by 1.5% to N1.86 trillion in March 2023 from N1.88 trillion recorded as at December 2022 while deposit liabilities increased by 9.9% from N4.61 trillion in December 2022 to N5.07 trillion in March 2023.
The group's balance sheet was well structured and resilient at the end of 2002, with total assets valued at N6.7 trillion and shareholders' funds totaling 975.6 billion respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4% and 0.2% in March 2023 from 5.2% and 0.6% in December 2022, respectively.
Commenting on the results, Group Chief Executive Officer of GTCO Plc, Mr. Segun Agbaje said; “Our first quarter results reflect the strength of the GTCO franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa.
Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines. We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.”
