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GTBank Releases Q3 2018 Unaudited Results, Reports Profit Before Tax of ₦164.2 Billion

Gbemileke Ajayi

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Guaranty Trust Bank plc, GTBank, has released its unaudited financial results for the period ended September 30, 2018 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria.

Gross earnings for the period grew by 8.8% to ₦337.3billion from ₦309.9billion reported in September 2017. Profit before tax stood at ₦164.2billion, representing a growth of 9.5% over ₦150.0billion recorded in the corresponding period of September 2017. The Bank’s Loan Book dipped by 12.3% from ₦1.449trillion recorded as at December 2017 to ₦1.270trillion in September 2018, while customers’ deposits grew by 8.6% to ₦2.239trillion from ₦2.062trillion in December 2017.

The Bank’s balance sheet remained resilient with Total assets and Shareholders’ Fundsclosingat ₦3.433trillion and ₦534.3Billion respectively, a2.4% growth from Total Asset Position of ₦3.351trillion as at December 2017, Capital Adequacy Ratio (CAR) however dipped by 300bps to 22% despite the impact of IFRS 9 implementation. In terms of Assets quality, NPL ratio and Cost of Risk(COR) improved to 5.6% and 0.1% in September 2018 from 7.8% and 0.5% position in December 2017 respectively. Complementing the improvement noted in NPLs and COR, we maintained adequate Loan Loss coverage of180.6%for Lifetime Credit Impaired Loans (NPLs).On the backdrop of this result, Post- Tax Return on Equity (ROE) closed at 32.7% while Return on Assets (ROA) stood at 5.6%.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Despite operating in a very challenging business environment, our 3rd quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with economic realities. It further demonstrates the strength of our business strategy to deliver financial services that enrich the lives of our customers and creates more value for all our stakeholders.”

He added that “Going into the final quarter of the year, the Bank will continue to drive its digital-first customer-centric strategy to improve customer experience and expand its range of service offering whilst constantly differentiating itself by maintaining a high standard in service delivery and putting customers at the heart of everything that we do.”

Overall, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of all financial ratios i.e. Post-TaxReturn on Equity (ROE) of 32.7%, Post-Tax Return on Assets (ROA) of 5.6%, Cost to Income ratio of 38.3% and PBT margin of 48.7%. These ratios are a testament to experienced Management, efficient Balance sheet structure coupled with the operational efficiency of the Bank.

In recognition of the Bank’s stance on world-class corporate governance standards, excellent service delivery, and innovation, GTBank has been a recipient of numerous awards in the course of the year. They include Best Banking Group & Best Retail Bank in Nigeria from World Finance Magazine andBest Mobile payments service& Digital Wallet of the year from Asian Banker Magazine.

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GTBank Dominates CBN E-Payments Efficiency Awards, Wins 8 Out Of 12Banking Honours

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Guaranty Trust Bank plc continued its dominance of Nigeria’s most qualitative digital financial service awards for the fourth year in a row, winning eight of the twelve honours available to Banks in the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards.

The foremost African financial institution, renowned for its innovative products and services, won awards for efficiency and excellent service delivery in virtually every E-payment channel.

The CBN EPIS Efficiency Awards is organized to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria. Now in its fourth year, the awards are based on objectiveanalysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year. With eight awards, GTBank took home two more honours than the six awards the Bank won the previous year and the highest number of awards presented to financial institutions, Fin-techs, merchants and other stakeholders in the Electronic Payment Incentive Scheme.

The eight awards won by GTBank include:

  • Best Customer Experience Award:for having the highest level ofoverall customer satisfaction rating in the delivery of electronic payment services to customers in2018.
  • Real-Time PaymentsTransaction Efficiency: for achieving the lowest failure rate inthe processing of Instant Payments transactions in 2018.
  • Cashless Driver, USSD Channel Champion: for achieving the highest number of Instant Payments transactions via the USSD channel in2018.
  • Cashless Driver, Point of Sale (POS)Transactions: for achieving the highest transaction count on Point of Sale(POS) Terminals in 2018.
  • Cashless Driver, Card Usageon Point of Sales (POS) Terminals: for authorising the highest card transaction count on the Point of Sale (POS) Central Terminal Management System in2018.
  • Direct Debit Driver Award: for processing the highest volume of successful debit mandates across all Payment Service Provider platformsin 2018.
  • E-Reference Operations Efficiency: for the Bank’s outstanding performance
    in the processing of customers references received from other Banks for account opening purposes on the industry E-reference Platform in 2018.
  • ID Services Driver: for achieving the highest volume in the use of the BVN, e-Passport and NIN customer verification platforms in 2018.


Commenting on the Bank’s EPIS awards, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “We areproud to be recognisedbythe CBN EPIS Efficiency Awards for our efforts in driving excellence in electronic payments and providing customers with a superior banking experience across all digital touch points. These awards serve as extra motivation for us and we continue to find new and exciting ways to reduce ourcustomers’ pain points and offerthem benefits beyond banking.

He further stated that; “At GTBank we are passionate about building the bank of the future that connects our customersdirectly to all the everyday things that matter to them. That is why we are constantly leveraging the best of technology to, not only make financial services cheaper, more personal and readily accessible, but also to create amazing digital experiences in a way that adds real value to our customers’ lives.”

Guaranty Trust Bank plc is a foremost African Financial Institution with Total Assets of ₦3.287trillion and Shareholders’ Funds of ₦575.6Billion.With banking operations across 10 African countries and the United Kingdom, GTBank is regarded by industry watchers as one of the best run financial institutions in the countries in which it operates and serves as a role model in Africa’s financial service industry due to its bias for world class corporate governance standards, excellent service delivery and innovation.

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AGM 2019: Zenith Bank Declares N2.50 Dividends

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Shareholders of Zenith Bank have approved the proposal of the board to pay a final dividend of N2.50k per share as dividends for the 2018 financial year.

The shareholders gave the approval at the 28th Annual General Meeting of the bank in Lagos.

The directors proposed a final dividend of N2.50 per share in addition to the N0.30 per share paid as interim dividend amounting to N2.80 per share, as against the N2.70 per share in 2017.

The bank earmarked N87.91 billion for total dividend payment to shareholders for 2018 financial year as against N84.77 billion paid in 2017.

The Chairman of the bank, Mr Jim Ovia, said that the bank remained committed to delivering superior returns to its much valued shareholders by ensuring that a good chunk of its profits was set aside for shareholders.

“In clear demonstration of this, we had declared and paid an interim dividend of 30 kobo per share in the course of the 2018 financial year.

“We hereby propose a final dividend of 250 kobo per share. If approved, this will bring the total dividend for the year ended Dec. 31, 2018 to 280 kobo per share as against 270 kobo per share that was paid in the previous year.”

Speaking further on the financial results, Ovia said that 2018 was challenging year for all operators in the Nigerian banking industry.

He said the bank was able to fully exploit the opportunities within the environment to record a performance that attested to its durability and resilience as a brand.

“Clearly, the results are once again, a reflection of the exceptional financial of the exceptional financial health of the bank and the group.

“For the bank, total deposit was N2.82 trillion for the year ended December 31, 2018, representing a 2.9 per cent increase over the previous year’s figure of N2.74 trillion.

“Profit Before Tax rose by 13.6 per cent from N169 billion in 2017 to N192 billion in 2018.

“Profit-After- Tax similarly rose by 7.8 per cent from N153 billion in 2017 to N165 billion in 2018.

“During the same period, total assets of the bank grew by 2.7 per cent from N4.83 trillion to N4.96 trillion, while shareholders’ fund declined by 3 3 per cent from N698 billion to N675 billion.

“Gross earnings similarly declined by 0.2 per cent from N674 billion in year 2017 to N538 billion in 2018.”

Also as a group, Ovia said that the performance indices were no less remarkable.

According to him, the Group’s profit before tax grew by 16.6 per cent from N199 billion in year 2017 to N232 billion in 2018.

“Profit-after-tax grew by 10.9 per cent during the period from N174 billion in 2017 to N193 billion in 2018 while customer customers’ deposit grew by 7.3 per cent during the same period from N3.44 trillion to an3.69 trillion.

“Group shareholders’ fund grew by 0.5 per cent from N812 billion in 2017 to N816 billion in 2018, gross earnings dropped by 15.4 per cent from N745 billion in 2017 to N630 billion in 2018,” he said.

The Zenith Bank Managing Director, Mr Peter Amangbo, said the bank’s drive toward entrenching sustainable principle in its business operations gained further momentum in the year under review.

Amangbo said the bank would continue to place a high premium on developing a robust risk management framework which had helped in promoting the soundness of the financial institution in protecting its assets and ensuring its growth.

“We are committed to entrenching a robust enterprise risk management, global best practices in corporate governance and sustainability in the coming year,” he said. (NAN)

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Shareholders Laud Transcorp Hotels Plc For Impressive Performance, Approve 15k Per Share As Dividend

Gbemileke Ajayi

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The Shareholders of Africa’s leading hospitality brand, Transcorp Hotels Plc, have extolled the Company for its impressive financial results for the year ended December 31, 2018. The congratulatory remarks were made at the Company’s 5th Annual General Meeting, which took place at the Congress Hall of the iconic Transcorp Hilton, Abuja.

Following the company’s 26% increase in turnover, the Shareholders have unanimously endorsed a final dividend of ₦1.14bn for the 2018 financial year.  The final dividend translated to 15kobo per ordinary share, which is a 20% improvement over the 12kobo per ordinary share for 2017.

Speaking on the Company’s growth milestones, Chairman of the Board of Directors, Mr. Emmanuel N. Nnorom said “Transcorp Hotels Plc has exceeded the bar with an impressive turnover of ₦17.4billion from ₦13.8billion recorded in 2017, representing an improvement of 26%. This is an unprecedented achievement in the history of the Company. It is a further demonstration of our ability to adapt quickly to a changing business environment while keeping pace with global best standards in hospitality.”  The Chairman also thanked the Shareholders for their continued support and faith in the Board and Management of the Company.

Commending the company for its overall performance, Patrick Ajudua, President, New Dimension Shareholders Association said that Transcorp Hotels Plc is an embodiment of what privatisation in Nigeria should be. He further stated that good Corporate Governance and the presence of a focused Management team who are concerned with giving returns to shareholders are some underlying factors behind the company’s continued success.

The Managing Director/CEO, Mrs. Owen Omogiafo reiterated the company’s commitment to quality and global standard customer experience, drawing on the varied international awards conferred on the Company. She said “We are redefining the hospitality landscape in Africa and positioning our continent as a preferred destination for local and international tourists. Our numerous awards and recognition are proof of this.”

On the prospects for 2019, Mrs. Omogiafo noted that “Transcorp Hotels will continue to leverage on its unique value proposition and proven strategies to exceed 2018 performance.”  She further said that growth and efficiency underpinned by a strong culture of service excellence and cost optimization will drive the company.

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