GTCO Pledges Cutting-Edge Financial Solutions as FY24 Profit Hits N1.3trn

The chief executive of GTCO, Mr Segun Agbaje, gave this assurance while reacting to the financial performance of the organisation for 2024.

The company over the weekend released its 2024 full year audited results to the investing public through the Nigerian Exchange (NGX) Limited.

In the year ended December 31, 2024, the financial institution reported a profit before tax of N1.3 trillion, representing an increase of 107.8 per cent over the N609.3 billion recorded in the corresponding year.

This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management.

It also posted growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet.

The loan book (net) increased by 12.3 per cent to N2.79 trillion from N2.48 trillion, as deposit liabilities grew by 37.8per cent to N10.40 trillion from N7.55 trillion, and total assets and shareholders’ funds closed at N14.8 trillion and N2.7 trillion, respectively.

Business Post reports that a final dividend of N7.03 per share was proposed by the board of GTCO to shareholders, bringing the total cash reward for the year to N8.03 per share.

“Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive.

“Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution.

“We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.

“The total dividend of N8.03 for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year,” Mr Agbaje stated.

“Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability.

“We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—banking, funds management, pension, and payments—to unlock new opportunities and create more value for our shareholders,” he added.