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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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BUSINESS

Zenith Bank Sustains Market Dominance With Improved Profitability, Declares N57Billion PBT Q1 Unaudited Result

Gbemileke Ajayi

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In the first quarter ended 31 March 2019, Zenith Bank Group recorded improved numbers across key metrics, driven by a solid performance in all business segments.

This resulted in a Profit before Tax (PBT) of ₦57 billion, representing a 6% growth over the ₦54 billion achieved in the corresponding period in 2018.

The Group’s on-going commitment to cost optimization on the income statement and statement of financial position ensured earnings per share increased by 7% to ₦1.60 compared to Q1 2018.

The growth in net interest income and operating income by 23% and 1% respectively mitigated the decline in gross earnings. The effective management of cost-to-income ratio, cost of funds and cost of risk offset top-line declines to deliver an enhanced operating income in the period.

Our risk and asset quality continue to improve as cost of risk dropped significantly by 52% from 0.9% in the prior year to 0.4% for the period. This was achieved as impairment charges declined by 54%(₦2.5billion year on year reduction).

Our cost of funds also improved, declining by 25% from 4%in Q1 2018 to 3% at quarter-end. This was supported by a 22% decrease in interest expense of ₦10billion over the same period, affirming the Group’s robust treasury and liquidity management. Our prudent cost management led to a 5% decline in our cost-to-income ratio by 5% from 53.3% in 2018 to 50.9% in the period with an absolute reduction in operating expenses by ₦2.3 billion year-on-year.

The Group’s retail franchise continues to increase as retail deposits grew by N80bn between December 2018 and March 2019 representing a 9% growth notwithstanding the fact that total customer deposits dropped marginally by 3%. The drop in customer deposits was as a result of rebalancing of the deposit mix as expensive purchased deposits were forgone in favour of cheaper and stickier retail deposits.

The volume and value of transactions across our electronic and digital platforms continue to grow as new customers are being acquired. Our balance sheet continues to strengthen as liquidity ratio is at 66.7%, loan to deposit ratio closed at 43%, and capital adequacy ratio ended the period at 25% respectively and remain above the relevant regulatory thresholds as at 31 March 2019.

Going into the rest of the year and with improving economic fundamentals, we are confident of delivering value to all our stakeholders on our commitments even as we create more opportunities for businesses by supporting them through selective risk asset creation. We shall continue our investments in the retail segment of the market as we consolidate our leadership position in the corporate segment while maintaining a strong balance sheet.

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BUSINESS

GTBank Releases Q1 Unaudited Results, Reports Profit Before Tax Of N57.0Billion

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Guaranty Trust Bank plc has released its unaudited Financial Results for the quarter ended March 31, 2019, to the Nigerian and London Stock Exchanges.

The Bank recorded positive performance across all financial metrics with gross earnings for the period growing by 1.2% to ₦110.3billion from ₦109.0billion posted in March 2018. Profit before tax improved to ₦57.0billion from ₦52.6billion recorded in the corresponding period of March 2018, representing a growth of 8.3%.

Customers’ deposits also rose by 6.0% to ₦2.410trillion in March 2019 from ₦2.274trillion in December 2018, whilst the Bank’s Loan book grew by 1.6% from ₦1.262trillion as at December 2018 to ₦1.282trillion in March 2019.

Balance sheet remained strong with the Bank closing the quarter ended March 31, 2019 with Total Assets of ₦3.556trillion and Shareholders’ Funds of ₦627.2Billion.

In terms of Assets quality, NPL ratio and Cost of Risk closed 7.03% and 0.05% in March 2019 from 7.30% and 0.34% in December 2018 respectively.

In addition, coverage for NPL stood at 90.12% while Full Impact Capital adequacy ratio remained very strong, closing at 22.25%. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 32.79% and 5.76% respectively. These indices are pointer to GTBank’s strategic positioning in Nigeria and other Countries where the Group operates.

Commenting on the first quarter results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

He further stated that; “Whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organizing the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and access to the markets that they need to grow.”

GTBank has continued to be best in class in terms of Profitability, Efficiency and Capital among Peers and other Financial Institutions in Nigeria. This is evidenced by its Earnings per Share of ₦1.74, Return on Equity (ROAE) of 32.79%, Cost to Income Ratio of 38.64% and Capital Adequacy of 22.25%.

These metrics are a testament to the efficient management of the Bank.

In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years.

Some of the Bank’s recent awards include 2018 Bank of the Year – Nigeria from the Banker Magazine and 2018 Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine.

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BUSINESS

NOVA Merchant Bank Limited Rated Investment Grade by 2 Leading Rating Agencies

Gbemileke Ajayi

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In furtherance of its plans to scale its operation this year, NOVA Merchant Bank Limited, in yet another milestone, has received an investment grade rating from both Agusto & Co (Bbb) and Global Credit Ratings (BBB-).

The reasons given for the Bank’s rating include the strength of the Board and management team, robust capitalization, prudent risk profile, good asset quality, and strong liquidity.

This achievement follows the recent publication of the Bank’s financial results where it declared a profit after tax of N1.15bn for the year ended 31st of December 2018, an increase from N510.6m in 2017.

Anya Duroha, the Managing Director/CEO, commented “The award of investment grade ratings by two leading rating agencies is another significant milestone in the history of the Bank. It further assists us in our plans to scale up our operations this year and deliver value to our customers and all other stakeholders”.

Mr. Phillips Oduoza, the Chairman of NOVA Merchant Bank further noted “These ratings are further validation of the strength of the foundation which has been laid for the continued future success of the Bank. On behalf of the Board, I will like to commend the management team for all their effort in achieving this milestone debut rating record.”

NOVA Merchant Bank will continue to focus on delivering on its overarching philosophy of “New Thinking, New Opportunities” to sustainably grow its business as it seeks to assist its clients achieve their strategic objectives and re-establish merchant banking as a key economic driver in the country.

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