Slides
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Investor Presentation Full Year 2024 Guaranty Trust Holding Company Plc April 2025
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02 01 03 04 05 06 07 The GTCO Story Group Overview Group Performance Highlights Operating Environment Business Areas Review Non-Financial Highlights Guidance & Plans for 2025 Outline
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The GTCO Story
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Who We Are Vision To be Africa’s leading financial services institution. Mission To make end-to-end financial services easily accessible to every African and businesses by leveraging technology and strategic partnerships. We are an African financial institution, shaping the future of finance in Africa by empowering people, facilitating business growth, and developing communities on a foundation of strong governance principles. We are one of Africa’s leading financial services institutions, driven by a culture of excellence, innovation, and integrity. We exist to offer brighter opportunities for individuals, businesses, and our communities. We believe that financial services should be simple, accessible, and transformative—empowering people to achieve their dreams and businesses to reach new heights. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 4
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2001 - 2010 2021 - Date 2011 - 2020 Guaranty Trust Bank commenced operations in 1991. Capital of NGN20mm ($2mm) and 42 carefully selected investors. Focused on creating a truly professional Bank with emphasis on learning, professionalism, service excellence, ethics & integrity. Listed on the Nigerian Stock Exchange in 1996. Strong market share in all viable business segments. Case studies written on the Bank by Harvard Business School and Cranfield Business School. IPO in 2001. Universal banking license in 2001. Expansion into Gambia, Sierra Leone (2001). Public offering in June 2004. Adopted new logo and implemented retail strategy Highest rating in Nigeria – AAA by Agusto & Co. Expansion into Ghana (2004) and UK (2006). $350 mm Eurobond and $824mm GDR in 2007. LSE Listing in 2007. Expansion into Liberia (2007). 1996 - 2000 Started operations in Cote d’Ivoire (2012). US$400million Eurobond successfully raised in 2013. Expansion into Kenya, Uganda and Rwanda in 2013. GTBank continues to be the most profitable amongst Nigerian Banks. Over 350 branches collectively in ten countries. Started operations in Tanzania in 2018. Reorganized for growth into a Holding Company Structure. Launched Fintech/Payment Business in 2021. Acquired and launched Wealth Management and Pension Management Business verticals in 2022. Positioned to enhance value proposition to customer base across of spheres of Financial Services. The Beginning Market Recognition Growth & Visibility Top Tier Status Financial Services Group “…a local business success story” - Harvard Business School We have evolved from a pure-play Banking franchise to become a thriving Financial Holding Company serving millions of customers in multiple African countries and the UK. …Our Corporate History 1990 - 1995 Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 5
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GTCO comprises its principal banking franchise alongside its fast-growing non-banking businesses Corporate Structure and Geographic Spread Guaranty Trust Holding Company Plc Guaranty Trust Bank Ltd 100% Guaranty Trust Funds Management Ltd 100% Guaranty Trust Pension Managers Ltd 100% HabariPay Ltd 100% Guaranty Trust Bank (United Kingdom) Limited 100% Guaranty Trust Bank (Cote D’Ivoire) Limited 100% Guaranty Trust Bank (Liberia) Limited 99.43% Guaranty Trust Bank (Ghana) Limited 98.32% Guaranty Trust Bank (Sierra Leone) Limited 83.74% Guaranty Trust Bank (Gambia) Limited 77.81% Guaranty Trust Bank (Tanzania) Limited 76.20% Guaranty Trust Bank (Kenya) Limited 76.90% Guaranty Trust Bank (Uganda) Limited 70.00% Guaranty Trust Bank (Rwanda) Limited 67.20% Kenya Estd. 2013 9 branches Tanzania Estd. 2017 1 branch Rwanda Estd.2013 14 branches Uganda Estd. 2013 8 branches Gambia Estd. 2002, 14 branches & 1 e-branch Sierra Leone Estd. 2002 16 branches Liberia Estd. 2009 10 branches Nigeria (Estd. 1990) 237 branches, 16 e-branches, 14 cash centres, 18 business locations Cote D’Ivoire Estd. 2012 4 branches Ghana Estd. 2006 36 branches UK Estd. 2008 1 branch Greater strategic flexibility Better positioning to deal with emerging competition such as fintechs and payment service banks More efficient management structure with the HoldCo having the responsibility of assessing strategic initiatives and allocation of capital for the overall benefit of the Group Flexibility to build full scale beyond the banking ecosystem Indirect Subsidiaries Geographic Presence HoldCo Benefits Opportunity for diversification of the Group’s revenues Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 6
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Credit Ratings1 Best in Class’ ratings within its peer group at B-/B- (with both stable outlook) from S&P and Fitch respectively. Rating Agency Year Local Currency Rating Foreign Currency Rating 2023 AA(nga) B/Stable 2024 AA(nga) B-/Stable 2023 ngBBB-/--/ngA-3 B-/Stable/B 2024 ngBBB-/--/ngA-3 B-/Stable/B 1. Ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions. Ratings may be changed, suspended, or withdrawn at any time by the assigning rating agency. 1 Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 7
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Delivering Long-Term Shareholder Value - Share Price History and EPS Trend Liquid stock with consistent appreciation in value Long history of profitability and efficient use of shareholder’s equity Sustained dividend payout, above peer average Higher, growing EPS underpinned by strong profitability Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 8.03 8
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Strategic Priorities – Diversify Earnings and Position for Transformational Growth Connected Proudly African, Truly International Diversified Scale Unlock and leverage ecosystem collaborations Maintain global relevance while staying true to our heritage Deliver at scale and gain market share through strategic partnerships Elevate customer experience with data-driven insights Ongoing technology investments for enhanced operational efficiency Market leading performance | Strong, healthy, well diversified balance sheet | First financial institution in Nigeria to hit ₦1 trillion profit mark. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 9
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Group Overview
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Banking Fund Managers Pension Managers Payment Fintech Branch Mobile Social Call Centre Web & Internet Digital Solutions Platforms Guaranty Trust Bank - Account services - Deposits - Loans and advances - Treasury & cash mgt - Card products - Bills payment - e-collections - Remittances - Trade services - Agent Banking - ATM Guaranty Trust Fund Managers - Mutual funds - Portfolio management - Alternative investments - Dollar fund - Insights - Advisory HabariPay - Payments aggregation - Payment gateway - ecommerce - POS services - API & embedded finance - Value Added Services (VAS) - Squad Hackedemy Guaranty Trust Pension Managers - Retirement savings account - Annuity & payment administration - Corporate pension scheme - Financial planning - Retirement advisory - Micro pension - Investments From Banking to Funds Management, Pensions to Payments, we are creating a connected ecosystem that makes financial solutions and services easy to access, helping people and businesses to thrive through their financial journey. Creating a Connected Ecosystem to Address All of Our Customers’ Financial Needs Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 11
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We operate a proven, innovation-led model, driven by a consistent strategic framework Connected Proudly African, Truly International Diversified Scale Well-structured lines of Businesses Sound business principles Long-term shareholder value Unwavering commitment to Enriching Lives ● Obsessive commitment to exceptional customer experience ● Comprehensive suite of products and services to serve customers through their lives ● Focus on innovation and safety ● Strong brand ● Conservative ● Healthy, well-structured balance sheet ● Strong risk management and controls ● Operational resilience ● Empowered employees ● Sustainable revenue growth while maintaining cost discipline ● Strong capital position and competitive returns ● Diversified income streams ● Transparent reporting and investor confidence ● Serving millions of diverse customers ● Integrating sustainable practices into operating principles ● Invested in community development - Promoting Enterprise, supporting education, art, healthcare and the environment ● Financial inclusion initiatives Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 12 Resilient and Adaptive Business Model
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Growth Strategy and Objectives Going Forward Ex-Nigeria ▪ Deepen market penetration to extract more value from ex-Nigeria banking subsidiaries. ▪ Explore organic new market entry into Senegal, and explore growth expansion for the Kenya and Rwanda banking subsidiary. Nigeria ▪ Recapitalisation of GTBank in line with the Central Bank of Nigeria’s directive. ▪ Increase market share across key sectors including food and beverage, agriculture, oil & gas. ▪ Drive customer acquisition and transaction growth across Retail and SME sectors. ▪ Selective acquisition in the Pension Fund Administration Business to increase market share. ▪ Activate synergies by cross-selling complementary products and services across the Group’s growing customer base. ▪ Improve customer service by upgrading technology infrastructure across the Group. ▪ Expansion and enhancement of digital channels, leveraging innovation, AI and other emerging technologies. ▪ Invest in technology to improve operational efficiencies across the Group. Bankin g 2 Operationa l 3 Bankin g 1 Strategic Acquisitions and Driving Scale Obsessive Commitment to Customer Service Excellence, Anchored by Continuous Investments to Enhance Digital Capabilities Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 13
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Group Performance Highlights
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Payment ▪Delivered 80.1% growth in profitability ▪Y-o-Y growth of 125.4% in TPV Fund Managers ▪Delivered 311.4% growth in profitability ▪Y-o-Y growth of 72.1% in AUM Pension Managers ▪Delivered 56.0% growth in profitability ▪Y-o-Y growth of 29.4% in AUM Improved Performance Across Banking and Non-Banking Businesses Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story ▪ Delivered ₦1.27trn in PBT, exceeding our guidance of ₦806.0bn. ▪ Achieved record revenues in Banking, Fund Management, Pension and Payment verticals. ▪ Y-o-Y improvement in cost to income ratio (24.1% vs 29.1%). ▪ Good growth in earning assets and deposit volumes and AUM. ▪ 85.8% increase in EPS (₦35.4 vs ₦19.1 per share). ▪ Improved ROA – 8.4% v 6.7% and ROE –north of 48%. ▪ 40.7% y-o-y growth in share price (₦57 vs ₦40.5 per share). ▪ Improved outlook for asset quality with contribution of stage 2 loans reducing from 16.3% to 2.6%. ▪ Continued strong capital generation position, with ongoing discussion on the second tranche of our capital raising exercise. 15 Banking ▪Delivered 111.5% growth in profitability ▪Improved funding with 34.2% increase in customer deposits
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Key Performance Ratios Cost to Income Ratio Capital Adequacy Ratio Liquidity Ratio Loans to Deposits and Borrowings Return on Equity (post-tax) Return on Assets (post-tax) NPL to Total Loans Cost of Risk Coverage (with Reg. Risk Reserve) Dec 31, 2023 Dec 31, 2024 Net Interest Margin 191.10% 26.01%32.55% 49.19%31.08% 39.31% 138.70% 21.94% 24.14%29.13% 10.86%7.88% 4.94%4.49% 5.18%4.19% 8.31%6.69% 48.59%44.82% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 16 The Group continues to post one of the best metrics in the Nigerian Financial Services Industry
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Balance Sheet Snapshot – Strong, Healthy, Well-structured and Diversified Balance Sheet In thousands of Nigerian Naira Dec-24 Dec-23 y-o-y change (%) Assets Cash and bank balances 4,673,048,120 2,309,618,698 102.3% Financial assets held at fair value through profit or loss 59,602,997 28,066,613 112.4% Derivative financial assets - 28,961,143 -100% Investment Securities 4,148,296,027 2,469,329,330 68.0% Asset pledged as collateral 114,570,075 86,552,701 32.4% Loans and advances to banks 87,794 66,935 31.2% Loans and advances to customers 2,785,664,040 2,480,183,368 12.3% Restricted deposits and other assets 2,574,084,654 2,012,815,346 27.9% Property and equipment, right of use assets 330,232,049 224,298,652 47.2% Intangible assets 81,244,113 33,076,038 145.6% Deferred tax assets 28,876,962 18,285,854 57.9% Total assets 14,795,706,831 9,691,254,678 52.7% Liabilities and Equity Deposits from banks 388,420,244 136,053,409 185.5% Deposits from customers 10,013,021,406 7,410,834,190 35.1% Financial liabilities at fair value through profit or loss 51,174,468 809,342 6223.0% Derivative financial liabilities 10,759,624 - 100% Other liabilities 1,020,285,051 493,325,925 106.8% Current income tax liabilities 186,665,408 41,303,351 351.9% Other borrowed funds 310,021,046 72,119,485 329.9% Deferred tax liabilities 103,341,970 59,680,905 173.2% Total liabilities 12,083,689,217 8,214,126,607 47.1% Equity 2,712,017,614 1,447,128,071 83.6% Total liabilities and equity 14,510,968,868 9,691,254,678 52.7% Selected data, for the year ended Dec 31 Balance sheet - Group Total assets Total liabilities Total deposits Gross loans & advances Net loans & advances Total equity 52.7% 47.1% 37.8% 11.7% 12.3% 83.6% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 17
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Balance Sheet Composition – Growth in Deposit and Loans, Well-diversified Asset Base Loans, Deposits, Total Assets (₦'Bn) Components of Asset Base (₦'Bn) Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story ▪Total assets up 52.7%, largely driven by 12.3% and 68.0% growth in loan book and investment securities, respectively. ▪The asset base is well diversified and well structured across all business verticals with loans accounting for 18.8%, investment securities 29.2%, cash & cash equivalent -31.6%, a testament to the Group’s strong liquidity position and robust earnings capacity. 18
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Balance Sheet Composition – Improved Funding Mix Funding Mix (₦'Bn) Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story ▪Total funding comprises customers deposit (70.3%) and Equity (18.3%). ▪Equity up by 83.6% driven by 88.6% growth in profit after tax and additional equity raise of N208.1 billion by way of public offer. ▪Local borrowings up 329.9% on account of a cross currency swap transaction entered with the Central Bank of Nigeria. 19
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Income Statement Snapshot - Industry Leading Performance In thousands of Nigerian Naira Dec-24 Dec-23 y-o-y change (%) Revenue Net interest income 1,058,586,173 436,696,585 142.4% Loan impairment charges (136,661,978) (102,953,282) 32.7% Net fee and commission income 189,711,412 333,748,303 -43.2% Net gains on financial instruments held at fair value through profit or loss 86,237,811 62,201,192 38.6% Other income 499,066,576 449,346,845 11.1% Total operating income 1,696,939,994 954,719,835 77.7% OPEX, pre- & post- tax profit Personnel expenses (85,397,889) (45,097,281) 89.4% Net impairment charge on other financial assets (27,667,721) (94,992,377) -70.9% Depreciation and amortization (58,032,825) (39,095,443) 48.4% Other operating expenses (259,595,486) (166,226,292) 56.2% Total operating expenses (430,693,921) (345,411,393) 24.7 Profit before income tax 1,266,246,073 609,308,442 107.8% Income tax expense (248,443,224) (69,653,768) 256.7% Profit for the year 1,017,802,849 539,654,674 88.6% Selected data, for the year ended Dec 31 Income statement - Group Gross Earnings (₦'Bn) PBT (₦'Bn) Interest income (₦'Bn) Non-interest income (₦'Bn) PAT (₦'Bn) Operating income (₦'Bn) 81.1% 107.8% 88.6% 143.6% 26.9% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 20 77.7%
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Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 Introduction PBT Trend – 1st Nigerian Financial Institution to Cross ₦1 Trillion in Profitability PBT (₦'Bn) Return on Average Assets & Equity ▪ Bank Nigeria operations accounted for 77.3% of PBT, West Africa - 18.4%, East Africa - 1.5%, UK -1.7% and Non-Banking Businesses - 1.1%. ▪ Strong growth across all income lines - net interest income up by 142% (₦621.9bn), net fee & commission also grew 73% (₦80.3bn) offsetting OPEX Increase of 61% (₦152.6bn). ▪ ROE and ROA of 48.59% and 8.31%, respectively, in FY-2024 is the highest recorded in the last 5 years. 21
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Revenue Generation – Diversified Revenue Base; Core Earnings Remain Very Strong Non-Interest Income (₦’Bn) Interest Income (₦’Bn) Revenue Mix (₦’Bn) Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Revenue Trend (₦’Bn) ▪ Interest income up 143.6% driven by 54.7% growth in earning asset volumes coupled with portfolio yield improvement of 185bps ▪ Non-interest revenue up 26.9% largely driven by increased transactional volumes on the back of our retail strategy and the synergy created among all our business verticals. 22
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Margin Metrics – Sustained Competitive Margins Yields on Interest Earning Assets Net Interest Margin Cost of Funds Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story ▪ NIM improved to 10.86% in FY-2024 from 7.88% as of FY-2023 as yield on the earning assets portfolio increased to 11.73%, underpinned by increase in yields on 364-day T-Bills, FCY placement and loans. ▪ Cost of funds up by 28 bps on account of elevated levels of prevailing interest rates during the period, but curtailed by the Group’s low-cost deposit base 87.4% (Bank: 96.5%). 23
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Expenses Overview – Enhanced Efficiencies Cost to Income Ratio (CIR)Overview of Expenses (₦’Bn) Operating Expenses (OPEX) (₦’Bn) Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Expense Drivers ▪ Increased operating cost in Nigeria, West and East African regions due to high and sustained levels of inflation. Operating cost was also impacted by translation of subsidiary OPEX to Naira owing to adverse exchange rate movement in Nigeria. ▪ Deposit and total asset growth also caused marked growth in regulatory cost. ▪ The 148.3% growth in interest expense was driven by an increase in cost of funds (CoF) from 1.40% in FY-2023 to 1.68% in FY-2024. ▪ Strong revenue growth put cost to income ratio at 24.14%. 24
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OPEX - Sustaining Cost Discipline While Investing for Growth OPEX Drivers The Group recorded a 60.9% growth in OPEX from ₦250.4bn in FY-2024 to ₦403.0bn in FY-2024 with non-controllable cost mix improving to 28.9% of the total operating expenses in FY-2024 from 33.3% in FY-2023. The key Opex growth drivers are as follows: a. Increase in regulatory charges - AMCON levy and Deposit Insurance Premium. AMCON levy increased by 34.2% (₦36.6bn vs ₦27.4bn) due to growth in total Asset and contingents base (₦7.33tn vs ₦5.46tn). Also, deposit insurance premium increased by 28.9% (₦21.9bn vs ₦17.0bn) due to a 48.1% increase in underlying customers’ deposit volume (₦5.26tn vs ₦3.55tn). b. 84.3% growth in occupancy costs and repairs & maintenance (₦35.2bn vs ₦19.1bn), driven by impact of exchange rate and increase in price occasioned by rise in diesel, fuel, and general maintenance costs as well ground and water rates. C. 48.4% growth in technological and service related expenses to ₦88.0bn in FY-2024 vs ₦59.3bn in FY-2023 is in line with the Group’s growth aspirations, necessitating increased spend on technology. The weaker Naira/US$ conversion also had a major impact on the translation of subsidiaries’ OPEX balances. d. 89.4% growth in personnel expenses (₦85.4 vs ₦45.1bn) resulted from increase in salaries of core and non-core employees across the Group’s banking and non-banking entities to cushion the impact of rising cost of living for employees. Group Group In billions of Naira FY 2024 FY 2023 Change (Y-o-Y) % Change (Y-o-Y) Depreciation and Amortization 58.0 39.1 18.9 48.4% AMCON Expenses 36.7 27.3 9.3 34.2% Occupancy Costs and Repairs & Maintenance 35.2 19.1 16.1 84.3% Deposit Insurance Premium 21.9 17.0 4.9 28.9% Technological and Service Related Expenses 88.0 59.3 28.7 48.4% Advert, Promotion and Corporate Gifts 17.4 8.8 8.7 98.8% Personnel Expense 85.4 45.1 40.3 89.4% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 25
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Risk Asset Mix - Strength in Quality Gross Loans by Industry * Includes Fashion & Design, Religious Organizations, Hospitality, Clubs, co-operative societies, Unions, Engineering services, etc. Upstream Oil and Gas 31.24%25.57% Manufacturing 18.09%20.99% Midstream Oil and Gas 14.14% 8.91% Individual 9.04% 8.32% Information, Telecoms. and Transport. 5.68%6.94% Government 1.99%1.52% Others* 1.78%1.30% Agriculture 7.69%8.37% Capital Market and Fin. Institutions 0.63%0.72% General Commerce 2.69%2.27% Construction and Real Estate 1.09%1.48% Downstream Oil and Gas 3.29%4.57% Natural Gas 2.54%8.88% December 31, 2024 December 31, 2023 Education 0.07% 0.11% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story ▪ The Group continued to maintain a well-distributed loan book with a specific focus on asset quality across select business segments. ▪ The contribution of the oil & gas sector to the gross loans portfolio at the Bank level improved to 48% in FY-2024 from 50% in FY-2023 due to derecognition of a key financial asset. ▪ Upstream and midstream sector contribution dropped to 25.57% from 31.24%, and 14.14% to 8.91% respectively, while downstream, and natural gas increased to 4.57% & 8.88% from 3.29 and 2.54%, respectively, between FY-2023 and FY-2024. ▪ Contributions of the manufacturing sector increased to 20.99%, agriculture increased to 8.37%, and information, telecoms, and transport also increased to 6.94%. Please see chart for further details on contributions from other sectors. 26
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Improved Asset Quality - Strengthening Portfolio Resilience Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story ▪ Strong asset quality with contribution of stage 2 loans (₦75.2bn) dropping to 2.6% in FY-2024 from 16.3% in FY-2023. ▪ Increased impairment charge due to need to write off a key oil & gas name. ▪ Increased stage 3 exposures, largely at the back of naira devaluation causing Group NPL to close at 5.2% (Bank-3.5%). ▪ NPL coverage remained very strong at 89.0% (138.7% with regulatory risk reserve). Gross Loans Staging Loan Impairment Charge 27
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Asset Quality - Supported by Disciplined Credit Practices and Enterprise-Wide Risk Management Framework. NPL and Coverage 150.40% 175.50% 236.80% 191.10% NPL by Currency ▪ The Group’s IFRS 9 stage 3 loans closed at 5.2% (Bank: 3.5%) in FY-2024 from 4.2% (Bank: 2.5%) in FY-2023. Education and others emerged as sectors with the highest NPLs i.e., 55.4% and 25.5%, respectively. ▪ IFRS 9 stage 3 loans grew to ₦151.2bn in FY-2024 from ₦109.6bn in FY-2023, largely due to exchange rate impact on the oil & gas Portfolio. Group continued to deleverage its loan book in Nigeria, Ghana, and Kenya. ▪ IFRS 9 balance sheet impairment allowance for stage 3/lifetime credit impaired exposures closed at ₦87.4bn from ₦63.5bn in FY-2023 representing 57.8% coverage of loans in this classification. Coverage ratio 138.70% NPL by Industry Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 28
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Strong Capital Ratio - Sustaining Robust Capital Buffers ▪ The Group continued to maintain strong capital positions with Full IFRS 9 impact Capital Adequacy Ratio (CAR) of 39.3%; 2400bps above the regulatory minimum of 15% and 2300bps if adjusted for 1% loss absorbency ratio. ▪ Tier 1 capital remained a very significant component of the Group’s CAR closing at 36.0%, representing 92.3% of the Group’s CAR of 39.3%. ▪ Strong capital generation and robust capital position provides the Group with the needed headroom required for future expansion and risk-taking. Regulatory Capital (Group) - Tier 1 & 2 (₦'Bn) Capital Adequacy Computation (Basel II) Group In Millions of Naira Full Impact Dec-24 Dec-23 Net Tier 1 Capital 2,023,756 983,797 Net Tier 2 Capital 188,374 80,211 Total Regulatory Capital 2,212,130 1,064,008 Risk Weighted Assets for: Credit Risk 4,765,565 3,981,737 Operational Risk 838,213 837,713 Market Risk 23,956 29,694 Aggregate Risk Weighted Assets 5,627,733 4,849,144 Capital Adequacy Ratio: Tier 1 Risk Weighted 35.96% 20.29% Tier 2 Risk Weighted 3.35% 1.65% Total Risk Weighted Capital Ratio 39.31% 21.94% 32.05% CAGR Capital Adequacy Ratio (Basel II) Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 29
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Liquidity Ratio - Strong Liquidity Position ▪ Liquidity ratio closed at 49.2% in FY-2024 up from 31.1% in FY-2023 well above the regulatory minimum requirement of 30%. ▪ Despite the pressure from competition and the need to cover for regulatory CRR debits, the Group maintained an average liquidity ratio of 44.3% during the period under review. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 30
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Banking and Non-Banking Subsidiary Overview Assets FY 2024 FY 2023 % Change 9,665,836 6,947,904 39% 1,596,158 857,014 86% 544,495 285,652 91% 490,288 250,673 96% 334,248 185,336 80% 229,487 113,141 103% 646,040 360,661 79% 43,992 26,232 68% 1,124,665 545,078 106% 516,459 330,470 56% 14,252 13,043 9% 10,975 6,728 63% 14,795,707 9,691,255 53% Loans FY 2024 FY 2023 % Change 2,067,354 2,034,581 2% 268,786 136,710 97% 44,463 35,730 24% 142,330 84,953 68% 34,167 23,136 48% 9,229 8,677 6% 87,309 83,517 5% 10,862 6,228 74% 121,253 66,719 82% - - - - - - - - - 2,785,752 2,480,250 12% Total Deposit FY 2024 FY 2023 % Change 6,201,956 5,266,607 18% 1,330,451 688,088 93% 422,367 224,728 88% 428,314 220,411 94% 277,716 153,652 81% 161,878 86,561 87% 417,385 261,205 60% 18,372 18,372 70% 1,001,170 477,422 110% 503,979 327,298 54% - - - - - - 10,401,442 7,546,888 38% PBT FY 2024 FY 2023 % Change 1,003,044 472,612 112% 118,960 65,870 81% 38,886 14,807 163% 23,740 10,175 133% 26,891 8,964 200% 24,264 5,754 322% 19,588 13,739 43% -1,122 -26 4251% 21,936 11,380 93% 8,752 2,127 311% 1,563 1,002 56% 4,219 2,342 80% 1,266,246 609,308 108% Millions of Naira Nigeria Ghana Cote D’Ivoire Liberia Gambia Sierra Leone Kenya Group Tanzania United Kingdom Fund Managers Pension Managers Habari Pay * Grand Total % Contribution of Subsidiaries to Group Loans Deposits PBT United Kingdom East Africa West Africa (ex. Nigeria) N498.97 billion Loans N2,620.73 billion Deposits N232.74 billion PBT N98.17 billion Loans N448.53 billion Deposits N18.47 billion PBT N121.25 billion Loans N1,001.17 billion Deposits N21.94 billion PBT Non-Banking Subsidiaries N0.00 billion Loans N503.98 billion Deposits N14.53 billion PBT 17.9% 25.2% 4.3%3.5% 1.5% 9.6% 0.0% 4.8% 1.1% 18.4% 1.7% West Africa East Africa UKNon-Banking Subsidiaries 4.4% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 31 Well-integrated banking and non-banking businesses create a diversified financial services ecosystem
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Performance of Regional Banking Subsidiaries East Africa West Africa (ex. Nigeria) ▪ 80 branches, 1 e-branch ▪ FY 2024 Gross Earnings: N467.85 bn (FY 2023: N187.97 bn) 148.9% y-o-y ▪ FY 2024 PBT: N232.74 bn (FY 2023: N105.57 bn ) 120.5% y-o-y ▪ ROAE: 41.5% (FY 2023: 37.7%) ▪ 33 branches ▪ FY 2024 Gross Earnings: N86.35 bn (FY 2023: N35.53 bn) 143.1% y-o-y ▪ FY 2024 PBT: N18.47 bn (FY 2023: N13.7 bn) 34.7% y-o-y ▪ ROAE: 11.6% (FY 2023: 11.6%) ▪ 1 branch ▪ FY 2024 Gross Earnings: N66.33 bn (FY 2023: N26.84 bn) 147.2% y-o-y ▪ FY 2024 PBT: N21.94 bn (FY 2023: N11.38bn) 92.8% y-o-y ▪ ROAE: 23.1% (FY 2023: 34.1%)` UK Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 32 Reinforcing the Group’s leadership across key African markets
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Operating Environment
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Global Currency Review 2024 was another year of strong dollar performance, with its appreciation impacting global trade balances, financial markets, and monetary policies globally, with the U.S. Dollar Index (DXY) appreciating by approximately 7.1% over the year. In contrast, the euro faced sustained headwinds, declining by about 6.2% against the dollar. The dollar’s strength continued to impact on emerging market currencies, particularly in Africa, where external pressures persist. Source: Bloomberg, GTCO IR analysis East Africa UK, Eurozone, & China West Africa Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 34
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Global Interest Rates and Inflation Highlights Interest Rate Central banks took varied approaches to interest rates in 2024—while the Federal Reserve and European Central Bank eased rates as inflation moderated, the Bank of England held steady at 4.5%, and China pursued monetary easing to support growth. Inflation Inflation eased in the U.S. and Eurozone in 2024, with the latter falling below 2% for the first time since 2021, while the UK faced persistent price pressures, keeping rates steady. China focused on fiscal stimulus to support growth, though its impact on consumption remained subdued. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 35
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Sub-Saharan Africa Interest Rates and Inflation Highlights Interest Rate Inflation Sub-Saharan Africa’s central banks maintained high interest rates in 2024 to curb inflation and support currency stability. With the outlook of inflation tapering in the horizon, the region is expected to see a gradual shift toward monetary easing in 2025. Elevated inflation, driven by currency depreciation and persistent food price pressures, continues to pose a concern for most African economies. However, moderation in inflation is expected in 2025, supported by improved agricultural output and stabilizing exchange rates. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 36
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Nigeria Macroeconomic Review The decline in crude oil prices and slow growth in production continued to impact Nigeria’s foreign exchange reserves in 2024. Tight monetary policies and improved oil earnings provided some stability, but external factors kept pressure on the economy. Bonny Light crude averaged around $77 per barrel in December, down from $80.76 in January. Oil production continued to fluctuate, reaching around 1.5 mbp/d by year-end. Headline inflation remained elevated throughout 2024, despite sustained monetary tightening measures. While GDP growth stayed positive, it fell short of broad expectations. IMF’s initial forecast of 3.3% was later revised downward to 2.9% in October 2024, citing factors such as high inflation and currency depreciation. The Central Bank of Nigeria's monetary tightening led to higher Treasury Bill rates, with the 364-day bill's stop rate reaching 24.77% by December. Despite this, the Nigerian stock market continued to thrive, with the All-Share Index gaining 37.65% for the year, marking its fifth consecutive year of growth. Following the government's exchange rate unification policy, the Nigerian naira experienced significant volatility in 2024. By December 31, the naira depreciated to ₦1,536.51/$1 in the Nigerian Foreign Exchange Market (NFEM), with the overall market reflecting a trend toward rate convergence. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 37
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Nigeria Regulatory Environment - Monetary & Fiscal Policy Review Q1 Q2 Q3 Q4 ▪ Cease on daily CRR debits and adoption of updated CRR mechanism. ▪ Restriction on interbank sale of CBN intervention funds. ▪ Mandatory FX reporting on the FX blotter system. ▪ CBN releases directive on Banks Recapitalisation. ▪ Presidency issues directive to create single-digit tax system. ▪ FGN moves to amend The Finance Act 2023 to introduce a one-off ‘windfall tax’ on Banks’ realised FX gains. ▪ CBN implements a Risk-Based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Banks. ▪ Prohibition on the use of FX denominated collateral for Naira loans. ▪ CBN announced plans to automate foreign currency trades starting in December, replacing the current over-the-counter system to enhance transparency and eliminate market distortions. ▪ Prohibition on the use of FX denominated collateral for Naira loans. ▪ Reduction in loan-to-deposit policy for DMBs by 15 percentage points to 50%. ▪ FGN introduces tax relief of up to 95% for small businesses. ▪ Discontinuation of the CBN’s Price Verification Portal (PVS). For the 1st phase of our capital raise programme, GTCO successfully raised a total of ₦209.41 billion via Public Offer for 4,705,800,290 Ordinary Shares, fully allotted. In 2024 FYE, we’ve prudently provided for all our forbearance loans, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience. Implication/Action taken Implication/Action taken Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 38
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World Economy Outlook Global growth is projected at 3.3% in 2025, slightly below the historical average, as tight monetary policies and subdued trade and investment continue to limit recovery. While some economies adjust more swiftly, structural challenges in certain regions are expected to slow progress. Inflation is forecast to decline to 4.2% in 2025, with advanced economies seeing faster relief, while emerging markets and developing economies may take longer to reach target levels. The pace of disinflation will depend on policy adjustments, supply chain stability, and broader economic and geopolitical conditions. Sub-Saharan Africa’s economy is projected to grow modestly in 2025, with an estimated expansion of around 3.5%, supported by easing inflation and gradual improvements in fiscal management. While tighter monetary policies and ongoing economic reforms may provide some stability, a more robust recovery will depend on improved policy coordination, increased investment, and a more favorable global economic environment. Growth in East Africa is projected to accelerate to 5.7% in 2025 from an estimated 5.1% in 2024, supported by infrastructure investments and expanding industrial and agricultural sectors. However, inflationary pressures and rising debt, particularly in Kenya, remained key concerns, prompting further engagement with the IMF. Ethiopia's economic outlook remains positive, with ongoing reforms and improved foreign investment expected to sustain momentum. Global Sub-Saharan Africa East Africa West Africa Sub-Saharan Africa’s economy is projected to expand by 4.4%, driven by recovering investor confidence, ongoing fiscal reforms, and improving domestic demand. However, growth prospects remain tied to external conditions, including global commodity prices, monetary policy shifts in advanced economies, and regional political stability. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 39
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Business Areas Review
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Banking
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Strengthening the Core Banking Franchise. Connected Proudly African, Truly International Diversified Scale Obsessive commitment to customer experience Regulatory compliance and robust risk management Enhancing digital banking capabilities to promote financial inclusion Integrating AI-driven solutions for seamless transactions Low cost operator with robust and growing retail base Industry leading franchise renowned for its service excellence, strong digital capabilities, and robust risk management framework. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 42
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Everything we do is anchored on creating GREAT EXPERIENCES for our customers. Grow Exponentially Deepen Engage Drive Customer Acquisition Digitally active customers (mm) Dynamic customer segmentation to facilitate active engagement Wholesale & Corporate Banking Commercial Banking Retail Banking SME Banking Business Banking Public Sector Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Continued momentum on self-onboarding via digital channels Supporting our customers with industry-leading digital capabilities Forging meaningful connections with our customers beyond simple transactions 43
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We continue to deliver strong performance across key metrics Operational Efficiency CIR = ROAA= ROAE = FY 2024 : 24.2% FY 2023 : 29.2% FY 2024 : 10.6% FY 2023 : 7.7% FY 2024 : 60.4% FY 2023 : 50.3% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 44 Deposits, Loans, and PBT Growth (₦’Bn)
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Business Segments Review Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Commercial: Tailor-made solutions and flexibility for middle-market companies SME Banking: Caters to small, fledging and fairly structured businesses Business Banking: Mid-sized enterprises between the commercial and SME segments Public Sector: All segments of government– Ministries, Departments and Agencies (MDAs) as well as State and LGAs 8.1% 12.6% 3.1% 3.0% 1.6% 1.1% 0.1% 1.6% 4.3% 1.4% 0.6% 2.0% N809.9 bn N83.7 bn N53.4 bn N1,246.9 bn N29.3 bn N17.2 bn N305.9 bn N1.4 bn N7.3 bn N162.0 bn N43.2 bn N24.7 bn Deposit Loans PBT Segment Performance 45 Retail Banking: Retail-focused customer base. Wholesale & Corporate Banking: Large corporates, multinationals, major energy, telecoms, and maritime companies, embassies, etc. 7.2% N2,109.8 bn N5,272.9 bn N199.6 bn N2,428.6 bn87.2% 71.6% N894.9 bn N252.2 bn 21.3% 53.3% 20.2% Combining a dominant retail banking franchise with a formidable presence in corporate, SME, and commercial banking.
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Digital Banking Review - Active Users GTWorld Bank 737 GAPS/GAPS Lite Naira Cards Dollar Cards Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 2.4m 2.7m 6m 5.3m 106k 122k 7.5m 8.0m 162k 214k 12.5% 11% 15% 6% 32% 46
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Strategies to Retain Market Dominance and Grow Market Share Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Vestibulum congue Strategic branch network expansion Leverage data-analytics for personalization and customer engagement Aggressive deposit growth while maintaining cost discipline Continued focus on exceptional customer service experience Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 47
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Fund Managers
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We serve a breadth of clients, providing access to a wide range of multi-asset class portfolios. Expert Fund Managers and preferred choice for discerning investors seeking stability, transparency, and long-term capital preservation Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Connected Proudly African, Truly International Diversified Scale Unlock and leverage ecosystem collaborations Maintain global relevance while staying true to our heritage. Deliver at scale and gain market share through strategic partnerships. Elevate customer experience with data-driven insights. Ongoing technology investments for enhanced operational efficiency 49
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In thousands of Nigerian Naira Dec-24 Dec-23 y-o-y change (%) Income Statement Net interest income 9,202,323 2,319,735 296.7% Expected credit loss (428,992) (282,164) 52.0% Net fee and commission income 943,214 366,067 157.4% Other income 1,461,190 581,163 154.4% Operating income 11,177,735 2,984,801 274.5% Media and advertising (847,549) 2,537 -33507.5% Personnel expenses (486,535) (298,638) 62.9% Depreciation and amortisation (5,654) (1,971) 186.9% Other operating expenses (1,086,076) (227,622) 94.2% Operating expenses (2,425,814) (529,135) 182.9% Profit before tax 8,751,922 2,127,420 311.4% Balance Sheet (in millions of Nigerian Naira) Dec- 24 Dec- 23 Y-o-y change (%) Total assets 516,459 330,470 56.3% Funds under management 653,993 379,942 72.1% Equity 11,374 2,584 340.2% 311.4% PBT ₦’000 Gross Revenue ₦’000 185.4% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Financial Highlights - Sustained Triple-Digit Year-on-Year Growth 50
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Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Financial Highlights - AUM Growth Trend and Composition AUM CompositionAUM Growth y-o-y (₦’Bn) 51 28.1 379.9 654.0 2227.4% 72.1%
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Pension
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Your Proudly Nigerian Pension Manager offering new and innovative ways to plan for your future Helping individuals and corporations plan for a financially secure future with innovative pension solutions and enhanced transparency. Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Connected Proudly African, Truly International Diversified Scale Unlock and leverage ecosystem collaborations Cutting-edge pension and investment solutions for Nigerians Gain market share through strategic partnerships and acquisition Elevate customer experience with data-driven insights Ongoing technology investments for enhanced operational efficiency 53
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Financial Highlights - Creating Sustainable Value With a Focus on Transparent Funds Management In thousands of Nigerian Naira Dec-24 Dec-23 y-o-y change (%) Income Statement Net interest income 2,302,977 1,424,309 61.7% Fee and commission income 805,878 589,092 36.8% Other income 10,794 70,208 -84.6% Operating income 3,119,649 2,083,609 49.7% Personnel expenses (486,535) (621,319) -21.7% Depreciation and amortisation (5,654) (112,908) 95.0% Other operating expenses (1,064,470) (347,317) 206.5% Operating expenses (1,556,658) (1,081,544) 43.9% Profit before tax 1,562,990 1,002,065 56.0% Balance Sheet (in thousands of Nigerian Naira) Dec- 24 Dec- 23 Y-o-y change (%) Total Assets 14,254,272 13,042,635 9.3% Funds under management 103,289,891 80,414,899 28.4% Equity 13,962,905 12,606,240 10.8% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story PBT (₦’Mn) Operating Income (₦’Mn) Return on Average Assets & Equity, CIR 54 49.7% 56.0%
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AUM Composition Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Financial Highlights - AUM Growth Trend and Composition AUM Growth y-o-y (₦’Bn) 55 48.8 80.4 103.3 28.4% 111.7% FY 2023: 58% : 42%
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Payment Fintech
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Connected Building Best-in-Class Payment Solutions That Help Businesses Grow Proudly African, Truly International Diversified Scale Switching Services Online Payments Virtual Accounts POS Services Value Added Services - Cards (POS/Web/ATM) - Transfers - Payment modal - Card payment API - Clearing and settlement API - Static account - Dynamic account - Transaction processing - SquadPOS - Pay with transfer - Airtime and SMS - Biller API - Short code services (USSD) Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 57
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EBITDA (₦’000) Financial Highlights - Strong EBITDA and PBT performance In thousands of Nigerian Naira Dec-24 Dec-23 y-o-y change (%) Income Statement Revenue: merchant acquiring 894,032 154,983 476.9% Revenue: switching 1,479,261 852,642 73.5% Switching & processing 2,373,293 1,007,625 135.5% Revenue: Airtime vending 2,427,664 2,704,712 -10.2% Revenue: Bulk SMS 1,057,021 880,756 20.0% Value Added Services 3,484,684 3,585,468 -2.8% Interest income 797,555 312,799 155.0% Gross revenue 6,655,532 4,905,892 35.7% Technology related expenses (101,414) (240,716) -57.9% Sales and marketing (125,918) (137,263) -8.3% Personnel cost (1,009,801) (849,972) 18.8% Other operating expenses (1,075,291) (1,131,260) -4.9% Operating expenses (2,312,424) (2,359,212) -2.0% EBITDA 4,343,109 2,546,680 70.5% Interest expense (44,236) (139,974) -68.4% Depreciation and amortization (79,698) (64,208) 24.1% Profit before tax 4,219,173 2,342,498 80.1% Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Balance Sheet (In thousands of Nigerian Naira) Dec- 24 Dec- 23 Y-o-y change (%) Total assets 10,974,914 6,802,897 61.3% Total liabilities 982,054 1,029,265 -4.6% Equity 9,992,860 5,773,631 73.1% PBT (₦’000) 58 4,219,173 2,342,498 4,343,109 2,546,680 70.5% 80.1%
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Revenue Mix (₦’000) Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Revenue Growth (₦’000) Financial Highlights - Revenue Growth and Improved Mix 59 35.7%
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Merchant Acquisition and TPV trend TPV by Currency Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 60 Gateway & Switching ₦’Bn International Payments $’000 International Payments $’000Switching and Processing ₦’Bn 12,146 27,376,628 2,353 2,590 TPV Growth Sustained momentum across all metrics
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Non-Financial Highlights Best Bank in CSR in Nigeria Euromoney Awards for Excellence Nigeria’s Strongest Brand Brand Finance Global 500 Best Cash Management Bank in Nigeria Global Finance Awards #1 #1 NPA Lagos Polo GTCO Food and Drink Festival Orange Ribbon Initiative Best-in-class Returns Earnings Per Share Consistent Risk Ratings Most capitalized financial services company on NGX #1 Strong EPS, above peers At par with sovereign rating Growing Customer Base GTCO Fashion Weekend Global Brands Magazine Best Banking Brand in Nigeria Take on Squad Hackathon 40+ million Comprehensive Digital Solutions All New GTWorld Expanding Branch Network Workplace Diversity 5,803Employees 51%Male 49%Female 335,555Shareholders 3544 Kobo EPS 7.6mm+ Active Cards 24,234+Active POS Terminals 2.6mm+Active Users Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story 61
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FY 2025 Guidance*FY 2024 FY 2023 PBT - Deposit Growth - Loan Growth - Coverage (with Reg. Risk Reserve) - Cost of Risk - NPL to Total Loans - N609.3 bn 64.0% 32.0% 191.10% 4.5% 4.20% Return on Average Assets - Return on Average Equity - Loans to Deposits - Liquidity Ratio - Capital Adequacy Ratio - Cost to Income Ratio - 7.60% 50.60% 32.90% 31.10% 21.94% 29.10% Net Interest Margin -7.88% Banking (Nigeria) Contribution to PBT -77.66% Banking (Ex-Nigeria) Contribution to PBT -21.44% N1,266.2 bn 37.8% 12.3% 138.7% 4.94% 5.18% 10.30% 60.50% 26.80% 49.19% 39.31% 24.14% 10.86% 77.28% 21.57% FY 2025 Guidance Non-Financial Highlights Business Areas Review Operating Environment Group Performance Highlights Group OverviewGuidance & Plans for 2025 The GTCO Story Non-Banking Businesses Contribution to PBT -0.90% 1.15% * “The Company is currently in discussions regarding a potential transaction. Accordingly, for regulatory reasons, the Company is not currently able to provide certain forward-looking guidance for the FY 2025” 62
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This presentation is based on Guaranty Trust Holding Company Plc (“GTCO” or the “Group”)’s audited consolidated financial results for the period ended December 31, 2024, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (IASB). The Group has also obtained certain information in this presentation from sources it believes to be reliable. Although GTCO has taken all reasonable care to ensure that such external information are accurate and correct, the Group makes no representation or warranty, express or implied, as to the accuracy, correctness or completeness of such information. Furthermore, GTCO makes no representation or warranty, express or implied, that its future operating, financial or other results will be consistent with results implied, directly or indirectly, by information contained herein or with GTCO's past operating, financial or other results. Any information herein is as of the date of this presentation and may change without notice. GTCO undertakes no obligation to update the information in this presentation. In addition, some of the information in this presentation may be condensed or incomplete, and this presentation may not contain all material information in respect of GTCO. This presentation may also contain “forward-looking statements” that relate to, among other things, GTCO’s plans, objectives, goals, strategies, future operations and performance. Such forward-looking statements may be characterised using words such as “estimates,” “aims,” “expects,” “projects,” “believes,” “intends,” “plans,” “may,” “will” and “should” and other similar expressions which are not the exclusive means of identifying such statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause GTCO’s operating, financial or other results to be materially different from the operating, financial or other results expressed or implied by such statements. Furthermore, GTCO makes no representation or warranty, express or implied, that the operating, financial or other results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. GTCO undertakes no obligation to update the forward-looking statements in this presentation. Disclaimer © Guaranty Trust Holding Company Plc FY 2024 Investor Presentation 63
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Thank You