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GTCO Plc Releases 2021 Full Year Audited Results, Reports Profit Before Tax Of N221.5bn

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Guaranty Trust Holding Company Plc (“GTCO Plc” or “the Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2021, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing FY 2021 at ₦5.44trillion and ₦883.2billion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong closing at 23.8% while asset quality was sustained with an NPL ratio of 6.0% based on IFRS (6.92% based on CBN Prudential Guidelines) representing a marginal improvement over IFRS 6.4% impaired ratio and a slight increase over FY 2020 6.86% CBN Prudential Guideline NPL ratio. Also, the Cost of Risk improved to 0.5% from 1.2% during the same period.

The Group posted a Profit Before Tax of ₦221.5billion, representing a dip of 7.0% from ₦238.1billion recorded in December 2020. In the same period, the Group’s loan book (net) increased by 8.4% from ₦1.66trillion while deposit liabilities grew by 14.4% from ₦3.61trillion to ₦4.13trillion.

Speaking on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company, Mr. Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our Stakeholders despite the challenges in the business environment and shifting economic conditions. As a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”

He further added, “2021 presented a crucial opportunity as we took strategic steps to reorganize our business and advance our position as a leading financial services company. With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scaling our operations and strengthening our foothold in these key industry segments. Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”

In terms of significant performance metrics, the Group maintained a decent showing with post-tax Return on Equity (ROAE) of 20.6%, post-tax Return on Assets (ROAA) of 3.4%, Full Impact Capital Adequacy Ratio (CAR) of 23.8%, and Cost to Income Ratio (CIR) of 42.3%.

GTCO Plc is a fully-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including Payment, Funds Management and Pension Fund Management. With over 25 million customers and more than 10,000 employees, the Group remains one of the most profitable and best managed financial services companies out of Nigeria. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years including Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.

BIG STORY

BREAKING: Kogi Governor Usman Ododo Visits Yahaya Bello Amidst EFCC Siege

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Usman Ododo, the executive governor of Kogi State, has visited the embattled former governor of the state, Yahaya Bello, amidst a heavy security siege on the Yaya’s Abuja mansion.

It was gathered that Ododo arrived at Bello’s residence at about 2:30 pm Wednesday, alongside several security operatives and youth supporters protesting against the siege to the former governor’s home.

It was further gathered that there is a heavy presence of armed operatives of the Economic and Financial Crimes Commission (EFCC), policemen, operatives of the Department of State Security (DSS), Counter Terrorism Unit, and Yahaya Bello’s private security team at the scene.

EFCC operatives had on Wednesday morning stormed Bello’s Abuja home located in Wuse Zone 4, Federal Capital Territory.

Photographs making rounds on the internet show some armed EFCC personnel laying siege to the ex-governor’s home on Benghazi Street, Wuse Zone 4, Abuja.

Recall that the EFCC had earlier dragged Yahaya Bello, his nephew Ali, one Dauda Sulaiman, and Abdulsalam Hudu before Justice James Omotosho of the Federal High Court, Abuja, in an amended charge in March 2024 over an alleged N84bn money laundering.

Reacting to the development, the ex-governor’s media office, in a statement, condemned the operatives’ actions while urging President Bola Tinubu to caution the EFCC.

According to the statement, the presence of the operatives in Bello’s residence negated the order of injunction granted on February 9, 2024, by the High Court of Justice, Lokoja Division, in Suit No. HCL/68M/2024 between Yahaya Bello v. EFCC, restraining the commission either by itself or its agents from harassing, arresting, detaining, or prosecuting him, pending the hearing and determination of the substantive fundamental rights enforcement action.

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BREAKING: EFCC Operatives Lay Siege To Yahaya Bello’s Abuja Mansion [PHOTOS]

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Operatives of the Economic and Financial Crimes Commission (EFCC) have laid siege to the Abuja residence of Kogi State’s former Governor, Yahaya Bello.

It was gathered that the EFCC officials barricaded the former governor’s residence since 9am on Wednesday.

The purpose of the operation by the anti-graft operatives was unknown as of press time as efforts to speak with them proved abortive.

Some supporters of the former governor were seen in front of the house.

See photos below;

More to come…

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BREAKING: Court Upholds Ganduje’s Suspension As APC Chairman

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Abdullahi Ganduje, the National Chairman of the All Progressives Congress (APC), is prohibited from representing himself as a party member by an ex parte ruling issued by the Kano State High Court.

Judge Usman Na’abba granted the application on Tuesday in response to an ex parte motion filed by Ibrahim Sa’ad on behalf of the plaintiffs, Assistant Secretary Laminu Sani and Legal Adviser Haladu Gwanjo, two executive members of Ganduje’s ward in Dawakin-Tofa Local Government Area.

Ganduje was suspended on Monday along with nine other ward executives. The court ruled that Ganduje was to stop overseeing all APC National Working Committee matters going forward.

The court directed the four parties (respondents) joined in the matter, including the APC, NWC, APC Kano State Working Committee, and Ganduje, to henceforth, maintain status quo ante belum as of April 15, 2024, pending the hearing and determination of the substantive suit on April 30, 2024.

Justice Na’abba, also held as prayed, stopped State Working Committee APC Kano from interfering with the legally and validly considered decision of executives of Ganduje ward, essentially on action endorsed by a two-thirds majority of the executives as provided by the party constitution.

The ex parte order read, “An order is hereby granted directing all parties in the suit APC (first), APC National Working Committee (second), Kano State Working Committee APC (third), Dr. Abdullah Umar Ganduje (fourth), to maintain status quo ante belum as of April 15, 2024.

”The order thereby restraining the first respondent (APC) from recognising the fourth respondent (Ganduje) as a member of APC and prohibiting the fourth respondent (Ganduje) from presiding over any affairs of the NWC and restraining the state Working Committee from interfering with the legally and validly decision of the ward executives of Ganduje ward.

“That the fourth respondent (Ganduje) is prohibited from parading himself as a member of APC or doing any act that may portray him or seem to be a member of APC pending the hearing and determination of the substantive suit.”

Nine members of the Ganduje ward proclaimed the suspension of the National Chairman of the APC over the allegation of corruption slammed on him by the Kano State Government.

The nine APC executives said they were prompted to act following a petition written by one Ja’afaru Adamu, a member of the APC from the National Chairman’s polling unit.

In the petition, Adamu complained over allegations of corruption charges against the former governor just as he urged the ward leaders to investigate the matter to redeem the dented image of the party and the implication on President Bola Tinubu’s fight against corruption.

Although the chairman and secretary of the ward failed to act on the petition filed on April 8, 2024, nine members of the executives, led by the legal adviser, acted upon the petition, a decision that led to Ganduje’s suspension.

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