Nigerian banker Segun Agbaje-led GTCO reports Q1 2024 profit of $328.8 million

Guaranty Trust Holding Company (GTCO), led by Nigerian banker Segun Agbaje, maintained its impressive financial run into the first quarter of 2024. The company reported a significant profit increase exceeding $320 million, showcasing its unwavering commitment to growth and profitability among Nigeria’s leading financial service providers.

GTCO sees first-quarter profit surge 685.9 percent

Building on a strong 2023 performance, with profit rising 219 percent to N609.31 billion ($470.1 million), GTCO’s first-quarter profit jumped 685.9 percent year-over-year, according to the group’s recently released unaudited interim consolidated financial statements. Profit increased from N58.17 billion ($41.71 million) to N457.13 billion ($328.81 million).

The substantial profit surge stems from significant growth in both interest and non-interest income. Interest income grew from N78.71 billion ($56.42 million) in Q1 2023 to N213.81 billion ($153.25 million) in Q1 2024. Similarly, fees and commission income rose from N32.43 billion ($23.25 million) to N55.99 billion ($40.13 million) during the same period.

GTCO: Nigerian financial behemoth expands reach, profitability

Guaranty Trust Holding Company Plc (GTCO), a leading Lagos-based financial holding company, offers a diversified suite of services encompassing retail and investment banking, pension and asset management, and payment solutions.

Under the leadership of Segun Agbaje, who holds a 0.14-percent stake in GTCO, the company has pursued strategic expansion. This growth is fueled by both its core commercial banking operations and its burgeoning non-banking financial services segment. 

GTCO thrives under Agbaje

GTCO’s total comprehensive income for the period surged by 1,205.96 percent, climbing from N44.48 billion ($31.90 million) to N580.83 billion ($416.58 million) under Agbaje’s leadership. This builds on the group’s impressive 2023 performance, where total comprehensive income skyrocketed from N137.17 billion ($105.8 million) in 2022 to N650.24 billion ($501.6 million).

The company’s robust performance is further underscored by a 34.2-percent expansion in total assets. This increase brings the total from N9.69 trillion ($6.95 billion) as of Dec. 31, 2023, to N13 trillion ($9.32 billion) as of March 31, 2024. Retained earnings also increased by 60.55 percent, from N580.03 billion ($415.88 million) to N931.23 billion ($667.7 million).