Grapevine

By Punch
Sep 12, 2024

GTCO declares N1tn profit

GTCO’s half-year 2024 financial statement, submitted to the Nigerian Exchange Group and London Stock Exchange, showed growth across all asset lines.

GTCO’s capital adequacy ratio was 21.0 per cent, while asset quality was sustained, with IFRS 9 Stage 3 Loans slightly increasing to 4.3 per cent in June 2024 from 4.2 per cent in December.

The Cost of Risk improved, dropping to 1.6 per cent from 4.5 per cent.

Speaking on the results, the Group CEO of GTCO, Segun Agbaje, expressed pride in the company’s performance, stating, “Despite uncertainties in the operating environment, our highest-ever profit demonstrates the resilience and adaptability of our business model. We remain optimistic about the future and are committed to leveraging our strengths to create sustainable value for all our stakeholders.”