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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

JUST IN: Jigawa State Governor Loses 24-Yr-Old Son A Day After Mother’s Demise

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Tragically, just one day after the passing of his mother, Governor Namadi of Jigawa has now lost his 24-year-old son.

A statement from the governor’s spokesperson, Hamisu Gumel, confirmed that the governor’s son sadly lost his life in a road accident on Thursday.

“To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

“With a heavy heart and total submission to the will of Almighty Allah, His Excellency Mallam Umar Namadi, Governor of Jigawa State, announces the passing of yet another member of his family; his dear son Abdulwahab Umar Namadi.

“He departed this world this afternoon (Thursday, December 26th, 2024) as a result of a ghastly motor accident along Dutse-Kafin-Hausa Road. “The burial rite is taking place at this moment in Kafin Hausa town, in accordance with Islamic traditions.

“A 24-year-old, late Abdulwahab is survived by his parents and many siblings. “To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

 

More to come…

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BIG STORY

Sokoto Counters Military, Says 10 Civilians Accidentally Killed In Air Strike

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The Sokoto state government says no fewer than 10 civilians were killed when a military air strike targeted suspected terrorists in Gidan Bisa village, Silame LGA of the state.

Abubakar Bawa, press secretary to Ahmed Aliyu, governor of the state, wrote in a statement issued on Wednesday.

Bawa quoted Abubakar Rana, chairman of Silame LGA, as saying that the incident occurred around 6am on Christmas Day, when two military fighter jets “mistakenly” dropped bombs on the village.

Aliyu, who was accompanied by Aliyu Wamakko, leader of the All Progressives Congress (APC) in the state, and Muhammadu Maigari Dingyadi, minister of labour and employment, attended the funeral prayers for the victims.

Consoling the villagers, the governor described the incident as “unfortunate.”

“The military jets were on their mission to eliminate criminal armed groups terrorising the state and mistakenly bombed innocent people of this community,” he said.

“We consider this a mistake because the same military had on several occasions successfully raided many criminal hideouts in the state.”

Aliyu prayed for Allah’s forgiveness for the deceased and strength for their families.

Muhammad Sifawa, secretary to the state government, announced a relief package of N20 million and 100 bags of assorted foodstuffs for the families of the deceased.

He also assured that the state government would cover the medical bills of the injured.

The military had denied reports of civilian casualties in the bombing.

Reports said air strikes conducted by the air component of Operation Hadarin Daji, targeting the Lakurawa terrorist group, had inadvertently killed civilians in the Gidan Sama and Rumtuwa communities.

However, Abubakar Abdullahi, joint media coordinator for the operation, said the strikes targeted locations confirmed to be linked to the insurgents.

“All military operations are based on thorough intelligence and reconnaissance missions to ensure precision and protect civilian lives,” Abdullahi said.

“The targets struck in the vicinity of Gidan Sama and Rumtuwa were positively identified as associated with the Lakurawa group, reinforcing the justification for the military action.”

Olusola Akinboyewa, spokesperson for the Nigerian Air Force, told TheCable that the missiles were launched following credible intelligence from multiple sources and confirmatory aerial surveillance.

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BIG STORY

Adron Homes Celebrates Christmas With Customers, Reaffirms Commitment To Bridging Nigeria’s Housing Deficit

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As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”

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