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GTBank Releases Q3 2020 Unaudited Results, Reports Profit Before Tax Of ₦167.4 Billion

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Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2020, to the Nigerian and London Stock Exchanges.

The 3rd Quarter result shows improved performance across key financial metrics, reaffirming the Bank’s capability to navigate the current economic challenges occasioned by the impact of COVID 19 on World economies.

The performance reflects its position as one of the leading and best managed financial institutions in Africa.

The Group reported Profit before tax of ₦167.4billion, representing a decrease of 1.9% over ₦170.7billion recorded in the corresponding period of September 2019 and an improvement on the 5.2% dip posted in H1-2020 relative to H1-2019.

Loan and Deposit book however grew by 4.5% and 25.1% from ₦1.502trillion and ₦2.640trillion recorded as of December 2019 to ₦1.569trillion and ₦3.303trillion in September 2020 respectively.

Guaranty Trust Bank’s Balance sheet remained well structured, diversified, and resilient with Total assets and Shareholders’ Funds closing at ₦4.574trillion and ₦755.5billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.5% and 0.6% in September 2020 from 6.5% and 0.3% in December 2019 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also a testament to the enduring loyalty of our customers, the hard work and dedication of our staff, and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”

He further stated that; “As an organization, we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”

Over all, Guaranty Trust Bank plc continues to be the best in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROAE) of 26.3%, Post-Tax Return on Assets (ROAA) of 4.6%, and Cost to Income ratio of 40.2%.

Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa.

The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

BIG STORY

Each Corps Member To Get N2m For Agriculture After Service Year —- NSPRI

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The Federal Government has said that it will empower members of the National Youth Service Corps that venture into agriculture after their one-year mandatory service with the sum of N2m.

The Executive Director, Nigerian Stored Products Research Institute, Dr. Patricia Pessu, disclosed this on Monday while speaking at a workshop on value addition of agricultural commodities for 40 corps members selected from the 16 local government areas of Kwara State.

Pessu said the two corps members, who completed their service in Oyo and Abia states respectively, had begun to benefit from the programme, stating that they were selected from the last batch of trainees at NSPRI.

He decried the increasing number of unemployed youth in the country and added that a similar opportunity awaited any trainee of the current batch who submitted a promising proposal at the end of the service year.

The NSPRI boss added that “to put things into context, Nigeria’s unemployed youth of 13.9 million is more than the population of Rwanda and several other African countries.

“This youth population is also about 64 percent of total unemployed Nigerians, suggesting that the most agile working-class population in the country remains unemployed.”

Declaring the workshop open, the state Commissioner for Agriculture and Rural Development, Alhaji Muritala Olanrewaju, said the government had promised to consolidate commercial agriculture through the provision of adequate machinery to assist genuine farmers in advancing their productivity, profitability, and competitiveness.

Olarewaju disclosed that the state government was repositioning the agricultural sector from being a mass social service to a profitable agro-business aimed at providing technical and environmentally friendly agriculture practice.

Also, the NYSC State Coordinator, Mrs. Francisca Olaleye, commended the agency for the opportunity given to corps members and gave the assurance that the beneficiaries would justify the gesture.

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Fleeing Ex-Pension Boss Abdulrasheed Maina Arrested In Niger Republic

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Security agencies in Niger Republic have arrested the former Chairman of the defunct Pension Reform Task Team, Abdulrasheed Maina, in that country.

A top security officer confirmed to newsmen that Maina was arrested by Nigerian Security agencies on Monday.

Maina, who is being prosecuted on 12 counts of money laundering to the tune of N2bn by the Economic and Financial Crimes Commission, jumped bail, forcing the trial judge, Justice Abang Okon, to issue a warrant for his arrest.

He was said to have stopped attending his trial since September 29, 2020, prompting Justice Abang of the Federal High Court, Abuja, to order the remand of his surety, Senator Ali Ndume, last Monday.

The court, however, granted bail to the Borno South senator last Friday.

The EFCC had earlier informed the court that it had sought the assistance of the United States and Niger Republic for the arrest of Maina.

The EFCC spokesman, Wilson Uwujaren, could not be reached for comment on Monday as calls to his phone rang out.

Also, the Commissioner of Police, Interpol National Bureau, Garba Umar, did not respond to calls seeking confirmation of the arrest.

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I Have Directed Armed Forces To Take The Fight To Insurgents ——- Buhari

Gbemileke Ajayi

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The President, Major General Muhammadu Buhari (retd.), on Monday, said he has directed the nation’s Armed Forces to take the anti-terrorism fight to the insurgents.

According to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President disclosed this in a message he sent through his Chief of Staff, Ibrahim Gambari, to the Borno State governor, Babagana Zulum; the Shehu of Borno and the Zabarmari community where 43 rice farmers were killed by insurgents on Saturday.

The statement was titled, ‘High powered government delegation visits Maiduguri, President Buhari vows to end terrorism’.

According to Shehu, the President, in his message, described the massacre as “senseless, barbaric and gruesome murder.”

He further quoted Buhari as giving assurances of his continuous commitment to fighting insurgency and all forms of insecurity in Borno State and all over Nigeria.

He said Buhari committed himself to making more resources available to the military to prosecute the war, adding that he will “work closely with neighbouring countries on bilateral and multilateral levels to ensure that there is no hiding place for the terrorists.”

According to the statement, the President said, “Nothing is more important than ensuring the security of lives and property of the people. Everything is secondary when security is at a stake.

“As we mourn the loss of our sons in Zabarmari, the Armed Forces have been given the marching order to take the fight to the insurgents, not on a one-off, but on a continuous basis until we root out the terrorists.”

The President also commended Zulum for his leadership in running the affairs of the state.

The presidential aide said apart from the message from the President, the President of the Senate, Ahmed Lawan, spoke for the government team to the state.

Zulum was also quoted as thanking the President for “ensuring relative peace since his assumption of office,” stating that the situation is better than he met it.

The statement added, “The governor presented a number of requests on behalf of his people, including that the youth of the state should be enlisted in military and paramilitary organisations to play their roles in the defence of the nation.

“He called on the Federal Government to assist in the repatriation of Borno indigenes in camps in neighbouring countries and requested the National Assembly to tweak the draft budget now before them to allow better allocation of resources for the North East sub-region, which he alleged is being side-lined.

“At the palace of the Shehu of Borno, His Eminence Abubakar Umar Ibn Garbai, the traditional ruler described as ‘madness,’ the gruesome killings and urged his subjects to pray and offer useful information to the security agencies.

“He thanked President Buhari for his efforts in returning normalcy to the state.”

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