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GTCO Releases 2022 Half Year Audited Results, Records Profit Before Tax Of N103.2billion

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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦103.2billion, representing an increase of 11.0% over ₦93.1billion recorded in the corresponding period ended June 2021. The Group’s loan book (net) increased by 1.8% from ₦1.80trillion recorded as of December 2021 to ₦1.83trillion in June 2022 while deposit liabilities increased by 6.4% from ₦4.13trillion in December 2021 to ₦4.39trillion in June 2022.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦5.7trillion and ₦845.7billion, respectively. Full Impact Capital Adequacy Ratio (CAR) stayed very strong, closing at 22.0%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 6.2% and 0.2% in June 2022 from 6.0% and 0.5% in December 2021, respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our results show an increase in key revenue lines and a strong performance in other financial metrics which reinforce our growth prospects as a leading financial services company. Our priority at the start of the 2022 financial year was to bring the Group’s new businesses on stream, starting strong with a focus on long-term viability. At present, we have successfully expanded our financial services ecosystem to include HabariPay Ltd, Guaranty Trust Fund Managers Ltd, and Guaranty Trust Pension Managers Ltd, and all of them are P&L positive.”

He further stated that “These newly created businesses will operate alongside our flagship banking franchise to offer increased value to our growing customer base as well as other stakeholders. We will continue to build on our core strengths of service excellence, innovation, and flawless execution to deliver our corporate objectives for the year and further our vision of being Africa’s leading financial services institution.”

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 23.9%, Pre-Tax Return on Assets (ROAA) of 3.7%, Full Impact Capital Adequacy Ratio (CAR) of 22.0% and Cost to Income ratio of 49.1%.

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 ₦5.7trillion in assets and over 28 million customers, the Group remains one of the most profitable and best-managed financial services companies in Nigeria providing commercial banking services and non-banking financial services across eleven countries. Its leadership in the banking industry and efforts at empowering people and communities have earned it many prestigious awards over the years including Best Banking Group in Nigeria and Most Innovative Bank in Nigeria at the 2022 World Finance Banking Awards. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2022 ranking of The Brand Africa 100: Africa’s Best Brands.

BIG STORY

Tinubu To Hold First Presidential Media Chat Tonight

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President Bola Tinubu’s inaugural media chat is set to be broadcast on the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN).

In a statement, Bayo Onanuga, the presidential spokesperson, confirmed that the media chat will be aired at 9 p.m. today.

“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria,” the statement reads.

All television and radio stations are encouraged to tune in to the broadcast.

This marks Tinubu’s first media chat since he assumed office on May 29, 2023.

During the chat, Tinubu will respond to questions from a panel of journalists on national matters, including his economic policies, security, and other key issues.

The tradition of presidential media chats began during the tenure of former President Olusegun Obasanjo.

The practice was continued by the administrations of Umaru Musa Yar’Adua and Goodluck Jonathan.

However, under the administration of former President Muhammadu Buhari, the frequency of the presidential media chats declined.

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IGP Didn’t Ask Nigerians To Beat Up Officers During Stop-And-Search — Police

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The Nigeria Police Force (NPF) has clarified that Kayode Egbetokun, the inspector-general of police, did not instruct Nigerians to pummel officers during stop-and-search operations.

In a statement on Monday, Muyiwa Adejobi, the force spokesperson, emphasized that Egbetokun has never endorsed violence against law enforcement agents.

Adejobi added that the blog post suggesting otherwise was entirely fabricated.

“The Nigeria Police Force wishes to address a viral fake news story that has emerged, claiming that Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has instructed citizens to physically assault and throw stones at police officers who request to search their phones,” the statement reads.

“This claim is entirely false and has no basis in reality. The IGP has not issued any such directive encouraging violence against law enforcement officers.”

“Instead, he has called on citizens to report instances of police misconduct through appropriate channels.”

“This approach underscores the importance of accountability and maintaining the rule of law, rather than resorting to violent actions.”

“Members of the public are urged to make use of the following Police helplines & contacts to lay complaints whenever necessary: +2347056792065, +2349133333785, +2349133333786, @PoliceNG on X, @ngpolice on Facebook, and @nigeriapoliceforce on Instagram.”

“Citizens can also contact us by mail through; [email protected] and reach us through the police website at npf.gov.ng.”

Recently, Egbetokun instructed police officers to stop arbitrary arrests and cease searching the smartphones of Nigerians.

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BIG STORY

Federal Government Declares Public Holiday For Christmas, New Year Celebrations

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The federal government has declared December 25-26, and January 1, 2025, as public holidays.

The public holidays are to commemorate the “Christmas,” “Boxing Day,” and “New Year’s Day” celebrations, respectively.

Olubunmi Tunji-Ojo, the minister of interior, announced the dates in a statement signed by Magdalene Ajani, the ministry’s permanent secretary.

He extended his greetings to Nigerians for the holidays and encouraged them to use the festive period to reflect on the values of “love,” “peace,” and “unity” that the season signifies.

He further emphasized that the yuletide is a time to foster harmony and strengthen bonds across families and communities.

“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the statement reads.

The minister also urged Nigerians to remain committed to the peace, unity, and progress of the nation.

He assured citizens of the federal government’s commitment to peace, security, and prosperity across the nation.

Tunji-Ojo added that the “Renewed Hope Agenda” of the President Bola Tinubu administration will usher in a prosperous economy that will be the envy of the world.

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