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GTBank Releases Q1 2021 Unaudited Results, Reports Profit Before Tax Of N53.7bn

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Guaranty Trust Bank plc has released its unaudited Financial Results for the period ended March 31, 2021, to the Nigerian and London Stock Exchanges.

A review of the result shows a resilient performance across all key financial metrics in the face of the unprecedented macroeconomic challenges, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa. The Group reported Profit before tax of ₦53.7billion, representing a drop of 7.8% over ₦58.2billion recorded in the corresponding period of March 2020. Deposit Liabilities increased by 3.0% from ₦3.611trillion in December 2020 to ₦3.717trillion in March 2021, whilst the Group’s Loan book (Net) dipped by 1.4% from ₦1.663trillion recorded as at December 2020 to ₦1.639trillion in March 2021.

Guaranty Trust Bank’s Balance sheet remained well structured and diversified with Total assets and Shareholders’ Funds closing at ₦4.993trillion and ₦837.2billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.1% (Bank: 5.6%) and 0.11% (Bank: 0.02%) in March 2021 from 6.0% (Bank: 5.9%) and 0.08% (Bank: 0.01%) in March 2020 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment. This is a reflection of the resilience of our franchise, our prudent approach to risk management, and the efficacy of our digital-first customer-centric business strategy.”

He further stated that; “Looking forward, we are optimistic about the long-term value that we will continue to create as an organization. We strongly believe that our new growth strategy, together with the enduring loyalty of our customers, the hard work and dedication of our staff, and the unwavering support we continue to enjoy from our shareholders, will enable us to drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”

Guaranty Trust Bank plc continues to post one of the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Return on Equity (ROAE) of 26.0%, Return on Assets (ROAA) of 4.3%, Full Impact Capital Adequacy Ratio (CAR) of 26.1% and Cost to Income ratio of 42.6%.

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

Doyin Okupe Reacts To Peter Obi’s Viral Video, Says I Cannot Support Him Again

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Doyin Okupe, the former director-general of the Labour Party (LP) presidential campaign in 2023, says he “cannot support” Peter Obi again.

Okupe spoke on Monday during an interview with Seun Okinbaloye on Channels Television’s Politics Today.

He was reacting to a viral clip of Obi commenting on how the country’s economic situation offers little relief to people in the south-west, despite President Bola Tinubu being from the zone.

“Let us talk about what is happening today. Rice is about N100,000. We are not even sure where we are going to be. ‘It’s our turn’, ‘he is a Yoruba man’ — ask the people in Ogun, here is there any place you people buy bread cheaper?” Obi said in the viral clip.

The video generated mixed reactions on social media, with some supporting Obi’s comments while others criticised him.

Adding his voice to the criticism, Okupe described the former LP presidential candidate’s remark as an “insult” to people in the south-west.

He said Obi’s statement publicly demeaned the south-west, even though “eminent Yoruba people” had supported him during his presidential campaign in 2023.

“When Obi made that statement, it insulted us. I am a Yoruba man; I left everything and followed Obi.

“For the first time, Obasanjo left his circle of influence and deviated to support Obi,” Okupe said.

“I do not regret supporting Peter Obi. But now I cannot do it again. The reason why I did it was because we agreed that a southern president must emerge.

“I was approached that if a southern president must emerge, which zone must it come to? I said the south-east.

“If all these eminent Yoruba people supported you, why now bring us down publicly? It is wrong.”

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BIG STORY

Lagos Muslim Cleric Bags Life Jail For Raping 14-Yr-Old Girl Inside Mosque

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Alani Rafiu, a Muslim cleric, has been sentenced to life imprisonment by an Ikeja Sexual Offences and Domestic Violence Court for raping a 14-year-old girl inside a mosque.

Justice Rahman Oshodi delivered the verdict on Monday, after finding Rafiu guilty of child defilement. The cleric was arraigned on October 28, 2021, for having sexual intercourse with the teenager, but pleaded not guilty, leading to a trial.

During the trial, the prosecution, led by B. Boye, presented three witnesses, including the victim, who testified against Rafiu. The prosecution provided compelling evidence, including the victim’s testimony and medical reports, which revealed a calculated pattern of predatory behavior by the cleric.

Justice Oshodi emphasized that Rafiu’s actions were particularly egregious due to his position of trust as a religious instructor and family friend.

The judge stated that the gravity of the offence could not be overstated, as Rafiu exploited the victim’s vulnerability and betrayed the trust placed in him.

“The gravity of your offence cannot be overstated. You betrayed the trust placed in you as a religious instructor and family friend.

“Instead of nurturing and protecting a vulnerable 14-year-old child entrusted to your spiritual care, you repeatedly sexually abused her in a place of worship.

“This conduct is criminal and represents a profound violation of secular and religious principles,” he said.

Oshodi further held that the evidence revealed a calculated pattern of predatory behaviour, as the convict deliberately isolated the child, exploited her vulnerability, and bought her silence with money.

“The evidence revealed a calculated pattern of predatory behaviour. You deliberately isolated the child, exploited her vulnerability, and bought her silence with money.

“The physical and psychological trauma inflicted on this young girl is immeasurable. At an age when she should have been focused on her education and development, she was subjected to experiences that no child should endure,” the judge held.

Oshodi also stated that having carefully considered all the evidence before the court, there was compelling and consistent proof establishing that the prosecutrix was indeed a child below the age of 18 years at the time of the alleged offence in May 2021.

He said the evidence manifested through multiple sources.

Oshodi said, “When the prosecutrix testified before this court, she stated that she was 15 years old and 14 when the alleged incident occurred.

“Notably, she was still attending primary school then, explicitly saying she was in Primary 3.

“The prosecutrix’s educational level, being in Primary 3, at the time of her testimony, while not determinative of age, provides supporting circumstantial evidence consistent with her being a young teenager rather than an adult.

“The consistency of these multiple sources of evidence – the police and guardian testimony, the prosecutrix’s evidence, and circumstantial evidence – all converge to establish beyond reasonable doubt that the prosecutrix was 14 years old at the time of the alleged offence in May 2021.

“The defence led no evidence to contradict these age-related facts, nor was the prosecutrix’s age challenged during cross-examination of any of the prosecution witnesses”.

The judge said the prosecutrix provided a detailed, firsthand account of sexual intercourse with the convict.

“Her testimony was specific. She offered a detailed sequential account of the sexual assault. She testified that at the mosque (where the convict, whom she referred to as Alfa), isolated her. He would then lock the door, remove her underwear, and instruct her to lie on the floor.

“She explicitly stated that Rafiu would then insert his penis into her vagina. When asked about frequency, she confirmed this occurred three times.

“She further testified that these acts would result in bleeding, which the convict would have her clean with a handkerchief. Afterwards, he would instruct her to put her underwear back on before taking her outside,” he said.

According to Oshodi, this testimony provides a direct account of penile-vaginal penetration, with specific details about the sequence of events, location, frequency, and aftermath of the sexual acts.

“The prosecutrix maintained during cross-examination that this occurred three times, explicitly stating, “He had sex with me three times.”

The judge noted that the prosecutrix testimony remained consistent even when challenged about the timeframe, clarifying that these incidents occurred.

He said the medical evidence further strengthened the evidence of sexual intercourse. It reports that the transection found in the prosecutrix’s vagina was “consistent with forceful penetrative injury to the [prosecutrix’s] anus and vagina”.

Before passing down the verdict, Oshodi said, “What makes your conduct particularly egregious is your abuse of religious authority and the sacred space of a mosque to perpetrate these violations.

“Places of worship should be sanctuaries of safety and spiritual growth, not venues for the exploitation of children.

“The medical evidence and the prosecutrix’s testimony paint a disturbing picture of the physical harm you caused.

The bleeding she experienced and your callous provision of a handkerchief to clean up the evidence of your abuse demonstrate a shocking disregard for her well-being.

“This court must protect children from sexual predators and send a clear message that such conduct will be met with the full force of the law.

“The sentence must reflect society’s abhorrence of child sexual abuse and serve as a deterrent to others who might contemplate similar crimes.

“Therefore, I now sentence you to life imprisonment by section 137 of the Criminal Law. Furthermore, under sections 33 and 38 of the Lagos State Domestic and Sexual Violence Agency Law, 2021, I order that you be registered as a sex offender in the Sex Offenders Register maintained by the Lagos State Government,” he held.

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BIG STORY

UPDATE: Minors Freed As Court Strikes Out Suit Against 119 #EndBadGovernance Protesters

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A federal high court in Abuja has struck out the suit against 119 protesters charged over the nationwide #EndBadGovernance protest.

Obiora Egwuatu, the presiding judge, dismissed the case following an application by M.D. Abubakar, counsel to the Attorney-General of the Federation (AGF).

Abubakar had requested permission to take over and discontinue the suit.

During the session on Tuesday, Abubakar asked the court to allow the AGF to take over the charge.

This development comes just hours after President Bola Tinubu directed the attorney-general and law enforcement to release all minors detained over the protest.

As of the time of reporting, all the minors have been freed.

 

More to come…

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