Guaranty Trust Bank Plc (GTBank) has released its unaudited financial results for the period ended March 31, 2020, 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. Profit before tax stood at ₦58.2billion, representing a growth of 2.1% over ₦57.0billion recorded in the corresponding period of March 2019. The Bank’s Loan Book grew by 8.0% from ₦1.502trillion as at December 2019 to ₦1.622trillion in March 2020, while customers’ deposit increased by 9.3% to ₦2.768trillion from ₦2.533trillion in the same period.
The Bank maintained a well-structured and diversified balance sheet with Total assets and Shareholders’ Funds closing at ₦4.057trillion and ₦661.1Billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.5%. In terms of Asset quality, NPL ratio and Cost of Risk (COR) improved to 6.0% and 0.1% in March 2020 from 6.5% and 0.3% in December 2019 respectively. Loan Loss coverage also improved to 130.5% for Lifetime Credit Impaired Loans (NPLs) compared to 126.6% in December 2019.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic. At GTBank, we know that the impact of this pandemic may sustain for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result.”
He further stated that “As a platform for enriching lives, our focus is on safeguarding lives and livelihoods. That is why we are working round the clock to keep all our members of staff and customers safe, supporting the government in combatting the pandemic and being there for our customers in every way that they may need our support at this time.”
Overall, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of financial ratios i.e. Post-Tax Return on Equity (ROAE) of 29.7%, Post-Tax Return on Assets (ROAA) of 5.1%, and Cost to Income ratio of 40.6%. These ratios reflect the Management stability and well-structured Balance sheet coupled with operational efficiency.
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 awards include Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine (2019), Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine (2019), Bank of the Year – Nigeria from the Banker Magazine (2018), Most Innovative Bank from the African Investor (2018), and Best Digital Banking Brand in Nigeria from the Global Brands Magazine (2018).
Access Bank Celebrates Recognition Of Tracy Batta As Forbes Africa’s 2020 30 Under 30
Helping female businesses grow through discounted access to finance is one of the many unique value propositions under the Access Bank’s W Initiative. Tracy Batta, co-founder, SmoothieExpress and a W Power Loan beneficiary recently emerged on Forbes Africa’s 30 under 30 lists.
Tracy Batta co-owns Smoothie Express, a healthy focused brand known for providing consumers with healthy fast foods. Prior to her recognition under the 2020 class of Forbes Africa’s 30 under 30, Tracy was recognized under Business Day’s Top100 Fastest Growing SMEs. She has since grown to become a household name in Lagos.
Since its launch in 2018, the W Power loan has impacted the businesses of growing female entrepreneurs with N14bn for expansion whilst seeking opportunities and exposure to the global market.
Speaking on the impact of the W Power Loan on female-owned businesses, Ada Udechukwu, Head, Women Banking at Access Bank says, “Ensuring access to affordable finance for SMEs and opportunities to access new markets is an integral part of Access Bank’s economic ecosystem for SMEs. Since the introduction of the W Power Loan, more women can now sit at the helm of entrepreneurial affairs and grow their businesses to be internationally recognized. We strengthen female-owned SMEs in Nigeria by being a pillar for them to lean on for growth and expansion”.
Access Bank’s support for female-owned home-grown businesses is undeniable and this is evident in the resultant benefits from its discounted financing initiative, The W Power Loan.
Access Bank W-Initiative Welcomes New Babies Through Health Financing Scheme
Access Bank adds another feather to its cap through the women market program, The W Initiative Maternal Health Service Support (MHSS) scheme.
The W Initiative is happy to welcome the birth of two new babies to the couples who accessed the MHSS financing for their IVF (In-Vitro Fertilization) procedure having waited several years.
Since 2014, The W Initiative through its MHSS health financing program has supported the advancement of Assisted Reproductive Technology (ART) to enable couples to access fertility treatment such as IVF.
Having successfully financed hundreds of procedures including fertility treatments, child delivery, fibroid treatments, surrogacy, bone marrow transplant, and other specialized procedures, The W Initiative remains ever committed to supporting more women and families by restoring hope and saving lives through its health financing scheme.
Women interested in accessing this health financing solution from the Bank can go through their service touchpoints- www.thewcommunity.com, or send a direct email to [email protected] or call 01-2273005
Heritage Bank-Dukia Gold To Boost Nigeria’s 200mn Ounces Of Gold Potential Reserves —- FG
The Federal Government of Nigeria has commended Heritage Bank for being part of a valuable private sector collaboration with Dukia Gold & Precious Metals Refining Co. Ltd, saying such partnership stands to create new opportunities for Nigeria to grow its potential reserves of 200 million ounces of gold.
The Vice President, Yemi Osinbajo, disclosed this during a Zoom- meet & chat session, a virtual platform at the launch of nationwide Dukia-Heritage Bank Gold & Precious Metals Buying Centres held yesterday
He affirmed that the launch of this expansive project between Heritage Bank and Dukia Gold would enable Nigeria to mine reserves properly, trade responsibly, refine locally and boost the nation’s foreign reserves.
He stated, “What we are looking at here is an extremely valuable new source of trade, jobs and foreign exchange.
“This project will create primary employment for local artisanal miners and mining cooperatives, and across the solid minerals value chain. Off-take agreements between Dukia Gold and local mining communities and owners of recyclable gold will be a useful provider of jobs in our post-COVID economy.
“The positive multiplier is expected to extend even further than this as the Dukia Gold project will also encourage the emergence of smaller-scale mining companies who, for the first time, will now have a transparent and welcoming market for their mined gold and precious metals. This is set to create jobs and unleashes the economic potential of mining communities.”
Osinbajo further counted the enormous benefits of the project, “This provides a sustainable way for Nigerians to exchange their gold jewellery and other precious items for cash. This system of exchange not only helps encourage a culture of recycling but will also serve as a complementary source for the raw materials needed for the Dukia Gold & Precious Metals Refining Company. These buying centres will also enable the responsible management of some of the electronic waste.”
Meanwhile, the project would further drive the diversification of the nation’s economy, Heritage Bank Plc, Dukia Gold which has given birth to new gold and precious metal market that will grow the mining industry’s contribution to gross domestic products to over 10% by 2026.
Records have shown that the growth of mining production at the end of 2019 in Nigeria was 0.1% and the sector still contributes less than 0.5% of GDP compared to other African economies who are strong in mining like Botswana (38%), Democratic Republic of Congo (25%), South Africa (18%), Zambia (18%), Guinea (12%) and Ghana (7%).
However, the MD/CEO of Heritage Bank Plc, Ifie Sekibo stated that the partnership that would boost the mining industry production has given birth to a new market, a platform that will contribute immensely to the transformation of Nigeria’s economy.
According to him, the operationalization of this initiative aligns with the overall Economic Transformation Agenda of the Federal Government of Nigeria especially as it relates to the full stream diversification of the Nigerian economy, job and wealth creation, development of the solid mineral space amongst others.
Sekibo affirmed, “It is our belief that as the economy of Nigeria is being recalibrated, given the impact of the global pandemic, the government’s committed aspiration to build a robust and resilient economy will be further enhanced through the operationalization of this initiative working with all stakeholders across States and Government Parastatals, the Central Bank, Private Sector and other international actors towards the development of the solid minerals sector and its appendages.”
He explained that this would enhance a regulated market that would see precious metals and other commodities take centre stage in the endeavour to ensuring irreversible economic growth and development in alliance with a modernized Exchange for commodities trading in Nigeria.
The Aristocrat: Kayode Olanshile Alfred, Celebrity Journalist and Style Genius To Launch “2020 Green With Envy Collections”
Aides Of VIPs, Politicians To Be Barred From Airports —- FG
Elated Asiwaju Bola Ahmed Tinubu Christened Grandson BAT Jnr
Police Arrest Chinese Couple Who Locked Up Eight Nigerian Domestic Employees For Four Months In Abuja [PHOTOS]
BREAKING: Ondo Commissioner For Health Dies Of COVID-19
BREAKING: AIT Newscaster, Nkiruka Udom, Is Dead
BREAKING: Lagos To Decide Reopening Of Schools In Two Weeks
BREAKING: APC Disqualifies Obaseki From Gubernatorial Race
BREAKING: FG Reopens Schools For Some Students, Lifts Ban On Inter-State Movement, Airports Also Set To Reopen
BREAKING: FBI List Six Nigerians Among Most Wanted Cyber Criminals [PHOTOS]
JoIn Us On Facebook
BIG STORY1 day ago
BREAKING: Dubai Police Hand Over Ramoni Igbalode ‘Hushpuppi’ To FBI In The US
BIG STORY1 day ago
I Rape Housewives, Force Their Husbands To Watch When They Don’t Give Me Money — 27-Year-Old Armed Robber Confesses, Begs Police To Kill Him
BIG STORY1 day ago
Conservation Disaster! 350 Elephants Die Mysteriously In Botswana [PHOTOS]
NEWS1 day ago
Adeboye, AJ Boxer, Ajanaku, Tonto Dikeh Others Hailed As ‘COVID-19 Celebrity Champions’ In July Issue of Apple’s Bite International Magazine
BIG STORY2 days ago
BREAKING: Lagos, Abuja Airports To Resume Operations July 8
BIG STORY1 day ago
BREAKING: Ondo Commissioner For Health Dies Of COVID-19