GUARANTY TRUST : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

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

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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.

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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.

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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

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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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