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GTCO Plc Releases Q3 2023 Unaudited Results, Reports Profit Before Tax Of ₦433.2billion

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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Unaudited Consolidated
and Separate Financial Statements for the period ended September 30, 2023, to the Nigerian Exchange
Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦433.2billion, representing an increase of 155.2% over
₦169.7billion recorded in the corresponding period ended September 2022. The Group’s loan book (net)
grew by 17.7% from ₦1.89trillion recorded as at December 2022 to ₦2.22trillion in September 2023, while
deposit liabilities increased by 37.9% from ₦4.61trillion in December 2022 to ₦6.36trillion in September
2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’
funds closing at ₦8.6trillion and ₦1.3trillion, respectively. Full Impact Capital Adequacy Ratio (CAR)
remained very strong, closing at 25.1%, while asset quality was sustained as IFRS 9 Stage 3 Loans
improved to 3.8% in September 2023 from 5.2% December 2022, however, Cost of Risk (COR) closed at
4.1% from 0.6% in December 2022 owing to Management’s conservative stance on provisioning as
macros worsened y-o-y, weighing negatively on the ECL variables.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc,
Mr. Segun Agbaje, said; Our 3rd Quarter performance underpins our strategic positioning as a leading
Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges
in our operating environment. Going into the final quarter of the year, we will continue to leverage the
strengths within our growing financial services ecosystem to improve our products and service offerings,
enhance customer experience, and maximise shareholder value.”

He further said; “We are proud of our work towards Promoting Enterprise across the African continent
over the years and remain committed to helping indigenous small businesses thrive through our
consumer-focused fairs. The 6th Edition of the GTCO Fashion Weekend is scheduled to hold in Lagos,
Nigeria, on 11/12 November 2023, and will give entrepreneurs in the Nigerian fashion retail space a free-
business platform to showcase their diverse talents and creativity to a global audience.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in
terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 52.4%, Pre-Tax Return on Assets
(ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa,
and the United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund
Administration. Its leadership in the banking industry and efforts at empowering people and communities
has earned it many prestigious awards over the years. Recently, Guaranty Trust Bank was recognized as
Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking
Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty Trust
Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The
Banker.

BIG STORY

Usyk Defeats Fury, Becomes Undisputed Heavyweight Champion

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Oleksandr Usyk emerged as the world’s undisputed heavyweight boxing champion adter defeating Tyson Fury.

On Saturday night, Fury and Usyk engaged in combat at the Kingdom Arena located in Riyadh, Saudi Arabia. Usyk defeated the British fighter 115-112, 113-114, and 114-113 on the scorecards to win the fight by split decision.

In the first several rounds of the battle, Fury came out swinging, but Usyk was able to withstand the British fighter’s assault.

As the battle went on, the Ukrainian gained momentum because of his excellent movement and technical proficiency, which allowed him to block Fury’s strong attacks and land accurate shots of his own.

The highly anticipated battle took a turn for the better when the Ukrainian stopped Fury in the ninth round.

Despite Fury’s valiant effort to recover in the final rounds, Usyk’s dominance had already sealed the victory.

The 37-year-old Ukrainian is the first undisputed heavyweight champion of the world since Lennox Lewis 25 years ago. He has now unified the WBA, WBO, IBF, and WBC titles.

For Fury, it is the first loss in his 16-year professional career, but he will have a chance at a rematch before the end of the year.

In his post-fight interview, the British boxer accused the judges of giving the victory to Usyk because of the war in Ukraine.

“His country is at war, so people are siding with the country at war,” he said.

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BIG STORY

Nigeria’s Boniface Scores As Leverkusen Make History With Unbeaten Bundesliga Season

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In the final game of the 2023–24 German Bundesliga season, Bayer Leverkusen defeated Augsburg 2-1 in the BayArena on Saturday thanks to an early goal by Victor Boniface.

In lieu of this victory, Leverkusen, who had already won the Bundesliga, would end the season unbeaten in the league.

In the 34-match league, the unbeaten streak that led to the league title consists of 28 wins and 6 draws.

It made history and cemented the names of Boniface and his colleagues in the Bundesliga as the first team to finish the season undefeated.

Boniface, who won the Bundesliga Rookie of the Year award earlier in the week, started the party atmosphere when he slotted home an Amaine Chadli pass inside the area in the 12th minute before Robert Andrich doubled the lead before the half-hour mark.

Mert Komur’s goal on 62 minutes proved only a consolation for Augsburg as Leverkusen sealed victory in front of their passionate fans.

The Levekusen side is led by Xabi Alonso, who is only into his second year but first full season as coach of a senior team.

The team remains unbeaten in all competitions, with the win over Augsburg extending the run to 51 matches.

They have the chance to finish the season unbeaten in all competitions with victories over Atalanta in the UEFA Europa League final on Wednesday and Kaiserslautern three days later.

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BIG STORY

FBI Lauds EFCC, Promises Support As Agency Hands Over Recovered $22k From Convicted Fraudster

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The Economic and Financial Crimes Commission (EFCC) says it has handed over $22,000 recovered from Hakeem Olanrewaju, a convicted internet scammer, to the Federal Bureau of Investigations (FBI).

The EFCC, in a statement on Saturday,said the money was handed over to the FBI in Lagos, as the victim, who was defrauded, lives in the US.

Nicholas Oweibo, the judge of the federal high court in Ikoyi, sentenced Olanrewaju to two years imprisonment for identity theft and impersonation in August 2023.

The judge also ordered that the money recovered from him be restituted to his victim.

Speaking during the handover ceremony in Lagos on Friday, Michael Wetkas, acting director of the Lagos zonal command of the EFCC, said the commission remains dedicated to combating crimes and restoring sanity to the nation.

“We are delighted to be handing over this proceeds of crime today,” Wetkas said, adding that “the EFCC is willing and always ready to do more”.

Charles Smith, FBI legal attaché in Nigeria, thanked the EFCC for facilitating the recovery of the money.

“This type of crime cripples businesses in the US, and for them to recover the money within one to two years gives hope to the affected companies and brings some level of justice, even if not all subjects have been identified,” Smith said.

“We hope our relationship continues and fosters a more cohesive partnership between the two agencies.”

Smith added that the FBI is willing to support the investigation in any way possible.

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