Guaranty Trust Holding Company Plc.
Unaudited Consolidated and Separate Financial Statements
September 2023
Introduction
Introduction
Guaranty Trust Holding Company and Subsidiary Companies
Guaranty Trust Holding Company Plc ("the Parent" or the "Company") and its Subsidiaries (hereafter referred to as 'the Group') Consolidated Financial Statements complies with the applicable legal Requirements of the Nigerian Securities and Exchange Commission interim Financial Statements and comprises Separate and Consolidated Financial Statements of the Group for the period ended 30 September 2023. The consolidated financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', its interpretation issued by the International Accounting Standards Board and adopted by the Financial Reporting Council of Nigeria. For better understanding, certain disclosures and some prior period figures have been presented in line with current period figures. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
i
Introduction | Guaranty Trust Holding Company and Subsidiary Companies |
Table of contents | Page |
Financial Statements | 1 |
Statement of financial position | 2-3 |
Income statement | 4 |
Statement of other comprehensive income | 5 |
Income statement - 3 months | 6 |
Statement of other comprehensive income - 3 months | 7 |
Consolidated statement of changes in equity | 8-9 |
Statement of changes in equity- Parent | 10-11 |
Statement of cash-flows | 12-13 |
Reporting entity | 14 |
Basis of preparation | 14 |
Material accounting policies | 14-17 |
Other accounting policies | 19-47 |
Notes to the financial statements | 48-85 |
Other Notes | 86-88 |
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Guaranty Trust Holding Company and Subsidiary Companies
Financial statements
1
Guaranty Trust Holding Company and Subsidiary Companies
Consolidated and separate statements of financial position
As at 30 September 2023 | |||||
Group | Group | Company | Company | ||
In thousands of Nigerian Naira | Notes | Sep-2023 | Dec-2022 | Sep-2023 | Dec-2022 |
Assets | |||||
Cash and bank balances | 17 | 2,310,256,803 | 1,621,101,169 | 36,922 | - |
Financial assets at fair value through profit or | |||||
loss | 18 | 35,839,834 | 128,782,374 | - | - |
Derivative financial assets | 19 | 27,122,141 | 33,913,351 | - | - |
Investment securities: | |||||
- Fair value through profit or loss | 20 | 3,947,850 | 3,904,458 | - | - |
- Fair value through other comprehensive | |||||
income | 20 | 796,003,470 | 357,704,355 | - | - |
- Held at amortised cost | 20 | 1,302,273,785 | 863,421,525 | - | - |
Assets pledged as collateral | 21 | 78,359,858 | 80,909,062 | - | - |
Loans and advances to banks | 22 | 80,874 | 54,765 | - | - |
Loans and advances to customers | 23 | 2,219,260,631 | 1,885,798,639 | - | - |
Restricted deposits and other assets | 27 | 1,575,920,121 | 1,232,611,251 | - | 144,538 |
Investment in subsidiaries | 24 | - | - | 162,956,560 | 162,956,560 |
Property and equipment, and Right of use | |||||
assets | 25 | 224,681,239 | 197,860,484 | 822,182 | 893,924 |
Intangible assets | 26 | 30,684,041 | 29,411,898 | - | - |
Deferred tax assets | 11,072,998 | 10,983,098 | - | - | |
Total assets | 8,615,503,645 | 6,446,456,429 | 163,815,664 | 163,995,022 | |
Liabilities | |||||
Deposits from banks | 28 | 109,880,167 | 125,229,187 | - | - |
Deposits from customers | 29 | 6,246,164,659 | 4,485,113,979 | - | - |
Financial liabilities at fair value through profit | |||||
or loss | 30 | 12,214,155 | 1,830,228 | - | - |
Derivative financial liabilities | 19 | 2,908,735 | 4,367,494 | - | - |
Other liabilities | 31 | 787,713,161 | 724,902,202 | 16,816,579 | 26,043,503 |
Current income tax liabilities | 20 | 38,986,257 | 35,307,860 | - | - |
Other borrowed funds | 33 | 90,950,690 | 126,528,105 | - | - |
Deferred tax liabilities | 53,763,192 | 12,028,172 | - | - | |
Total liabilities | 7,342,581,016 | 5,515,307,227 | 16,816,579 | 26,043,503 |
2
Guaranty Trust Holding Company and Subsidiary Companies
Consolidated and separate statements of financial position (Continued)
Group | Group | Company | Company | ||
In thousands of Nigerian Naira | Notes | Sep-2023 | Dec-2022 | Sep-2023 | Dec-2022 |
Capital and reserves | 34 | ||||
Share capital | 14,715,590 | 14,715,590 | 14,715,590 | 14,715,590 | |
Share premium | 123,471,114 | 123,471,114 | 123,471,114 | 123,471,114 | |
Treasury shares | (8,125,998) | (8,125,998) | - | - | |
Retained earnings/(loss) | 424,494,417 | 214,858,054 | (62,619) | (9,110,185) | |
Other components of equity | 693,024,901 | 567,085,367 | 8,875,000 | 8,875,000 | |
Capital and reserves attributable to equity | |||||
holders of the parent entity | 1,247,580,024 | 912,004,127 | 146,999,085 | 137,951,519 | |
Non-controlling interests in equity | 25,342,605 | 19,145,075 | - | - | |
Total equity | 1,272,922,629 | 931,149,202 | 146,999,085 | 137,951,519 | |
Total liabilities and equity | 8,615,503,645 | 6,446,456,429 | 163,815,664 | 163,995,022 |
Approved by the Board of Directors on 24 October 2023:
Group Chief Financial Officer | Non Exective Director |
Banji Adeniyi | Cathy Echeozo |
FRC/2013/ICAN/00000004318 | FRC/2013/ICAN/00000001319 |
Group Chief Executive Officer
Segun Agbaje
FRC/2013/CIBN/00000001782
The accompanying notes to the financial statements form an integral part of these financial statements.
3
Guaranty Trust Holding Company and Subsidiary Companies
Consolidated and separate income statements
For the period ended 30 September 2023
Group | Group | Company | Company | |||
In thousands of Nigerian Naira | Notes | Sep-2023 | Sep-2022 | Sep-2023 | Sep-2022 | |
Interest income calculated using the effective interest | ||||||
method | 4 | 353,695,204 | 204,014,942 | - | - | |
Interest income on financial assets at fair value through | ||||||
profit or loss | 4 | 20,861,592 | 28,476,788 | - | - | |
Interest expense | 5 | (77,017,945) | (42,803,559) | - | - | |
Net interest income | 297,538,851 | 189,688,171 | - | - | ||
Loan impairment charges | 6 | (89,464,869) | (3,699,259) | - | - | |
Net interest income after loan impairment charges | 208,073,982 | 185,988,912 | - | - | ||
Fee and commission income | 7 | 91,318,596 | 78,704,305 | 2,353,873 | 1,307,707 | |
Fee and commission expense | 8 | (8,838,898) | (8,634,954) | - | - | |
Net fee and commission income | 82,479,698 | 70,069,351 | 2,353,873 | 1,307,707 | ||
Net trading gains on financial instruments held at fair | ||||||
value through profit or loss | 9 | 29,186,631 | 36,623,786 | - | - | |
Other income | 10 | 355,271,062 | 16,486,246 | 105,992,324 | 88,293,538 | |
s on financ Net impairment charge on other financial assets | 11 | (59,109,554) | - | - | - | |
Personnel expenses | 12 | (37,576,099) | (30,538,930) | (900,991) | (915,802) | |
Depreciation and amortisation | 13 | (29,704,396) | (27,086,602) | (71,741) | (64,875) | |
Other operating expenses | 14 | (115,417,913) | (81,818,674) | (303,093) | (279,053) | |
Profit before income tax | 433,203,411 | 169,724,089 | 107,070,372 | 88,341,515 | ||
Income tax expense | 15 | (65,786,373) | (39,375,988) | (899,914) | - | |
Profit for the period | 367,417,038 | 130,348,101 | 106,170,458 | 88,341,515 | ||
Profit attributable to: | ||||||
Equity holders of the parent entity | 363,729,580 | 127,632,441 | 106,170,458 | 88,341,515 | ||
Non-controlling interests | 3,687,458 | 2,715,660 | - | - | ||
367,417,038 | 130,348,101 | 106,170,458 | 88,341,515 | |||
Earnings per share attributable to the equity holders | ||||||
of the parent entity during 'the period (expressed in naira per share): | ||||||
- Basic | 16 | 12.98 | 4.55 | 3.61 | 3.00 | |
- Diluted | 16 | 12.98 | 4.55 | 3.61 | 3.00 |
The accompanying notes to the financial statements form an integral part of these financial statements.
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Guaranty Trust Holding Company and Subsidiary Companies
Consolidated and separate statements of other comprehensive income
For the period ended 30 September 2023
Group | Group | Company | Company | ||
In thousands of Nigerian Naira | Notes | Sep-2023 | Sep-2022 | Sep-2023 | Sep-2022 |
Profit for the period | 367,417,038 | 130,348,101 | 106,170,458 | 88,341,515 | |
Other comprehensive income: |
Other comprehensive income not to be reclassified to profit or loss in subsequent years:
alue Net change in fair value of equity investments FVOCI | 16,987 | - | - | - | ||
16,987 | - | - | - | |||
Foreign currency translation differences for foreign operations | 92,411,570 | (50,582,821) | - | - | ||
Income tax relating to foreign currency translation differences | ||||||
for foreign operations | 15 | (27,723,471) | 15,174,846 | - | - | |
Net change in fair value of other financial assets FVOCI | 18,193,980 | (23,076,690) | - | - | ||
Income tax relating to change in fair value of other financial | ||||||
I assets FVOCI | 15 | (4,282,494) | 6,923,007 | - | - | |
78,599,585 | (51,561,658) | - | - | |||
Other comprehensive loss for the period, net of tax | 78,616,572 | (51,561,658) | - | - | ||
Total comprehensive income for the period | 446,033,610 | 78,786,443 | 106,170,458 | 88,341,515 | ||
Total Comprehensive Income attributable to: | ||||||
Equity holders of the parent entity | 436,954,371 | 77,942,369 | 106,170,458 | 88,341,515 | ||
Non-controlling interests | 9,079,239 | 844,074 | - | - | ||
Total comprehensive income for the period | 446,033,610 | 78,786,443 | 106,170,458 | 88,341,515 |
The accompanying notes to the financial statements form an integral part of these financial statements.
5
Guaranty Trust Holding Company and Subsidiary Companies
Income statements
For 3 months ended 30 September 2023
Group | Group | Company | Company | |
In thousands of Nigerian Naira | Sep-2023 | Sep-2022 | Sep-2023 | Sep-2022 |
Interest income | 148,611,005 | 85,292,123 | - | - |
Interest expense | (28,530,872) | (16,452,180) | - | - |
Net interest income | 120,080,133 | 68,839,943 | - | - |
Loan impairment charges | (6,502,957) | (180,221) | - | - |
Net interest income after loan impairment charges | 113,577,176 | 68,659,722 | - | - |
Fee and commission income | 32,903,514 | 24,627,118 | 784,624 | 1,307,707 |
Fee and commission expense | (1,971,984) | (1,921,476) | - | - |
Net fee and commission income | 30,931,530 | 22,705,642 | 784,624 | 1,307,707 |
Net gains on financial instruments classified as held for | ||||
trading | 13,168,349 | 13,025,106 | - | - |
Other income | (16,952,740) | 2,072,768 | 20,601,825 | 8,829,354 |
Net impairment loss on financial assets | 22,203,808 | 543 | - | - |
Personnel expenses | (16,782,537) | (11,999,027) | (325,034) | (300,776) |
Depreciation and amortization | (10,343,912) | (9,741,129) | (23,914) | (21,625) |
Other operating expenses | (29,995,996) | (18,248,883) | (50,405) | (78,031) |
Profit before income tax | 105,805,678 | 66,474,742 | 20,987,096 | 9,736,629 |
Income tax expense | (18,870,693) | (13,683,678) | (588,623) | 201,022 |
Profit for the period from continuing operations | 86,934,985 | 52,791,064 | 20,398,473 | 9,937,651 |
Profit for the period | 86,934,985 | 52,791,064 | 20,398,473 | 9,937,651 |
Profit attributable to: | ||||
Equity holders of the parent entity | 85,192,840 | 51,833,684 | 20,398,473 | 9,736,629 |
Non-controlling interests | 1,742,145 | 957,380 | - | - |
86,934,985 | 52,791,064 | 20,398,473 | 9,736,629 | |
Earnings per share for the profit from continuing operations | ||||
attributable to the equity holders of the parent entity during | ||||
the period (expressed in naira per share): | ||||
- Basic | 3.10 | 1.88 | 0.69 | - |
- Diluted | 3.10 | 1.88 | 0.69 | - |
The accompanying notes are an integral part of these financial statements
6
Guaranty Trust Holding Company and Subsidiary Companies
Statements of other comprehensive income
For 3 months ended 30 September 2023
Group | Group | Company | Company | ||
In thousands of Nigerian Naira | Sep-2023 | Sep-2022 | Sep-2023 | Sep-2022 | |
Profit for the period | 86,934,985 | 52,791,064 | 20,398,473 | 9,937,651 | |
Other comprehensive income: | |||||
Other comprehensive income to be reclassified to profit or loss in | |||||
subsequent years: | |||||
Foreign currency translation differences for foreign operations | (11,249,260) | (21,266,174) | - | - | |
Income tax relating to foreign currency translation differences | |||||
for foreign operations | 3,374,778 | 6,379,852 | - | - | |
Net change in fair value of financial assets FVOCI | 9,858,283 | (1,496,074) | - | - | |
Income tax relating to Net change in fair value of financial | |||||
Inco assets FVOCI | (8,154,907) | 448,822 | - | - | |
(6,171,106) | (15,933,574) | - | - | ||
Other comprehensive income for the period, net of tax | (6,171,106) | (15,933,574) | - | - | |
Total comprehensive income for the period | 80,763,879 | 36,857,490 | 20,398,473 | 9,937,651 | |
Profit attributable to: | |||||
Equity holders of the parent entity | 85,995,661 | 36,329,486 | 20,398,473 | 9,736,629 | |
Non-controlling interests | 1,136,017 | 528,004 | - | - | |
Total comprehensive income for the period | 87,131,678 | 36,857,490 | 20,398,473 | 9,736,629 | |
Profit attributable to: | |||||
Equity holders of the parent entity | 85,995,661 | 36,329,486 | 20,398,473 | 9,736,629 | |
Non-controlling interests | 1,136,017 | 528,004 | - | - | |
Total comprehensive income for the period | 87,131,678 | 36,857,490 | 20,398,473 | 9,736,629 |
The accompanying notes are an integral part of these financial statements
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Guaranty Trust Holding Company plc published this content on 24 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2023 10:48:24 UTC.