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Ava Hernandez

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GT Bank’s retail customers deposits hit N3.85 trillion in 2023

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GT Bank’s retail customers’ deposits hit N3.85 trillion in 2023, representing 54.4% of the bank’s total customer deposits within the year.

However, despite making up 54.4% of the bank’s total customers’ deposits, retail customers accessed only N188 billion in consumer lending from the bank.

While institutional and wholesale customers accessed N2.146 trillion in loans from the bank while contributing N1.16 trillion in customers’ deposits.

This information was contained in the bank’s 2023 Full Year Investor Presentation accessed by Nairametrics.

Breakdown of the bank’s loans and customers’ deposits

Institutional and wholesale customers, comprising about 12,557 customers accounted for 86.5% of the banking group’s loans profile, with about N2.146 trillion. They also accounted for 16.3% of the group’s customer deposits with N1.156 trillion.

These large corporates and multinationals which make up the bank’s institutional and wholesale segment contribute about N426.8 billion or 71% of the group’s pre-tax profit. In 2022, GT Bank recorded 68.1% of its pre-tax profit from its institutional and wholesale segment.

The group’s commercial business segment, comprising over 141,821 customers made up about N545.6 billion or 7.7% of the group’s deposits, while making up N68.4 billion or 2.8% of the loan profile.

Its business banking segment, which comprises about 200,038 customers, accounted for N202.9 billion or 2.9% of the group’s deposits while accounting for a marginal N300 million in loans.

GT Bank’s SME segment, which is focused on small businesses, has over 2.8 million customers. The segment accounted for N894.9 billion in deposits, representing 12.6% of the group’s customers deposits.

This segment makes up N25.2 billion, or 1.0% of the bank’s loan profile while contributing N9.3 billion to the group’s pre-tax profit.

Retail customers, which make up about 32.8 million customers, represent the bulk of the bank’s customers. They account for about N3.85 trillion or 54.4% of the group’s customers’ deposits.

They also account for N188 billion or 7.6% of the group’s loan portfolio. GT Bank’s retail customers contributed about N120 billion to the group’s pre-tax profit for 2023.

Loans by Industry

In FY 2023, the upstream oil and gas sector constituted approximately 31% of the group’s gross loans, totalling approximately N768.9 billion. This reflects a marginal increase of 100 basis points from the sector’s contribution to the group’s loans in 2022, which stood at 30%.

The manufacturing sector contributed about 18% of the group’s gross loans in 2023, up from 14% in 2022. The midstream oil and gas sector contributed about 14% of the group’s loans, up from 9% as of 2022.

The group’s loans to individuals dropped to about N223.2 billion as of FYE 2023, from N245.2 billion as of FYE 2022.

In 2023, the agricultural sector maintained its contribution to the group’s gross loans at 8%, consistent with its 8% share in 2022.

According to the report, about 66.6% of the oil & gas sector’s loans are in US dollars, with a heavy focus on upstream oil and gas, making them vulnerable to exchange rate volatilities.

It is also noted that the total value of restructured loans amounted to ₦386.2 billion, experiencing a notable uptick from ₦280.5 billion recorded in fiscal year 2022.

GTCO’s FY 2023 financial performance

In 2023, GTCO’s gross earnings grew by 120% to reach N1.186 trillion, from N539.2 billion as of 2022. The group’s earnings growth was driven by improved interest income, as the group recorded a net interest income of N436.7 billion in 2023, from N259.3 billion as of FY 2022.

During the fiscal year, the group’s interest income on loans and advances hit N302.3 billion in 2023, from N224.7 billion as of 2022. The group’s interest income from its investment securities also hit N182.3 billion in 2023, from N85.8 billion as of FYE 2022.

GTCO’s Return on Average Equity (RoAE) hit 44.82% in 2023, marking a significant improvement from 18.65% as of FY 2022. And its Return on Average Assets (RoAA) hit 6.69% in 2023 from 2.85% as of FY 2022.


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