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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

Popular Islamic Singer Ibraheem Labaeka Resigns As Kwara Governor’s Special Assistant

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  • Laments Collecting Salaries “For Doing Nothing”

 

Ibraheem Abdulhameed, popularly known as Labaeka, has formally resigned as Special Assistant, Artiste to Kwara State Governor AbdulRahman AbdulRazaq.

Abdulhameed’s resignation was confirmed in a letter dated September 12, 2023.

In the letter, he expressed frustration with his role, citing the lack of a clear schedule of duties and inadequate opportunities to fulfill his responsibilities.

“I cannot continue to break that trust by taking a salary for doing nothing,” he wrote, signalling his disappointment with the lack of clarity surrounding his position.

The letter reads, “I am writing this letter with all sense of humility and gratitude for giving me the opportunity to serve as the Special Assistant, Artiste, in your cabinet.

“Having served in this capacity for a period of 1 year and 7 months, I wish to respectfully tender my resignation.”

He continues, “Your Excellency, as you may recall, I was offered an appointment to serve as your Special Assistant, Artist, on 6th January 2023. I accepted the offer because I saw it as a call to service and an opportunity to showcase my talents.

“Regrettably, I have not been able to achieve any of these things. Aside from the fact that I don’t have a specific schedule of duty, circumstances have not availed me the opportunity to perform my responsibilities maximally.”

He added “since my appointment is based on public trust, I cannot continue to break that trust by taking a salary, for doing nothing”.

“As an Islamic cleric. it is against my beliefs, and I haven’t been at peace with myself. So, I want my salary to be stopped immediately,” he said.

“I am grateful for the confidence reposed in me, and I hope that one day, I will be able to fully utilize my talents for the development of our state.”

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King Charles III Receives President Tinubu At Buckingham Palace

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In a historic meeting, King Charles III welcomed Nigerian President Bola Ahmed Tinubu to Buckingham Palace in London on September 11.

The Royal Family announced the meeting on its verified X handle, @RoyalFamily, stating, “Yesterday, The President of the Federal Republic of Nigeria visited His Majesty at Buckingham Palace.”

This significant encounter marks a milestone in UK-Nigeria diplomatic relations, with the two leaders discussing matters of mutual interest and importance.

While specific details of the meeting remain undisclosed, it is anticipated that key issues such as trade, security, and bilateral cooperation were addressed.

President Tinubu’s visit to Buckingham Palace underscores the strong ties between Nigeria and the UK, as both countries continue to foster a strong and lasting relationship.

According to another tweet on his verified X handle, Special Adviser to the President on Information and Strategy, Bayo Onanuga, recalled that Wednesday’s meeting was the second between both leaders in the last one year.

“President Tinubu visits King Charles in London. They first met in Dubai last November, on the sideline of the COP 28 Climate Summit”, Onanuga said.

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BIG STORY

Husband Dismembers, Blends 38-Yr-Old Model With Blender In Switzerland

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Kristina Joksimovic, a 38-year-old former Miss Switzerland finalist, was allegedly strangled and dismembered by her 41-year-old husband.

According to reports, the husband used a jigsaw and garden shears to dismember Joksimovic, and then allegedly pureed her remains in a blender, as stated by the Daily Mail.

The couple, who married in 2017, resided in a spacious semi-detached house in an affluent area of Basel, and had two children together.

Kristina’s body was found in February in Binningen, near Basel, Switzerland.

Kristina had posted pictures of a ‘couple’s getaway’ on her Instagram account four weeks before her death.

Her husband, identified only by the pseudonym Thomas in local media, had his appeal for release from custody rejected on Thursday by the Federal Court in Lausanne after admitting to killing his wife.

An ongoing investigation has revealed ‘concrete indications of mental illness’ underlying the case.

Kristina’s husband is reported to have claimed he killed her in self-defence after she allegedly came at him with a knife, before later admitting he dismembered the former model.

Kristina’s body was found on the evening of February 13.

Investigators determined she had been strangled before dying.

The verdict states the suspect confessed to strangling his wife.

An autopsy concluded that the body was then dismembered in the laundry room with a jigsaw, knife, and garden shears.

Body parts were then chopped up with a hand blender, ‘pureed’, and dissolved in a chemical solution, local outlet Blick reported.

A medical-forensic report also ‘contradicts his description of self-defence’, according to Swiss outlet FM1 Today.

Thomas, a Swiss national, was reportedly arrested a day after her remains were found.

Investigators have said Thomas, a businessman, displayed a ‘conspicuously high level of criminal energy’ in their assessment.

They cited a ‘lack of empathy and cold-bloodedness after killing his wife’, and his efforts to cover up her death, adding that the defendant exhibited ‘sadistic-sociopathic traits’.

The deceased won the Miss Northwest Switzerland pageant in 2003 and was a finalist in the 2008 Miss Switzerland competition.

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