Segun Agbaje Leads GTCO to $470 Million Profit in 2023

Guaranty Trust Holding Company (GTCO), helmed by Nigerian banker and executive Segun Agbaje, has reached a key milestone as its earnings surpassed $400 million at the end of the fiscal year 2023, cementing its status as one of Nigeria’s leading financial service providers.

GTCO’s financial report shows a 219% growth in profit, from N169.17 billion ($130.54 million) in 2022 to N609.31 billion ($470.1 million) in 2023. This significant development can be attributable to strong results across all income sectors, indicating a turning point in the company’s trajectory.

The 80 percent increase in interest income, from N294.87 billion ($227.5 million) to N531.02 billion ($409.7 million), was a major contribution to this boom. Furthermore, a considerable increase in foreign exchange revaluation gain, totaling N441.8 billion ($340.9 million), boosted the financial performance this year.

GTCO’s comprehensive income for the year increased to an impressive N650.24 billion ($501.6 million), up from N137.17 billion ($105.8 million), further solidifying the company’s place in the Nigerian financial scene.

GTCO, headquartered in Lagos, is a financial holding firm that provides retail and investment banking, pension and asset management, and payment services through its diverse businesses.

GTCO has seen remarkable success under the leadership of Segun Agbaje, who has a minority 0.14 percent ownership in the company. This success has been driven by strategy revisions and sustained development in commercial banking operations and non-bank financial services.

The financial report also disclosed a significant growth in total assets, which increased from N6.45 trillion ($4.97 billion) to N8.69 trillion ($6.7 billion), and retained earnings increased from N214.9 billion ($165.7 million) to N580.03 billion ($447.4 million) between December 31, 2022 and December 31, 2023.

GTCO’s 2023 financial performance, which includes a record profit, enhances Segun Agbaje’s leadership and solidifies the company’s status as a Nigerian financial behemoth.

In keeping with its promise to reward shareholders, the board of directors suggested a final dividend of N2.7 ($0.00208) per share, bringing the total payout for the fiscal year to N3.2 ($0.00246).

As the premier financial services business continues to forge new paths of growth and innovation, stakeholders eagerly await the results of its unwavering dedication to excellence and shareholder value.

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