Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2020, to the Nigerian and London Stock Exchanges.
The 3rd Quarter result shows improved performance across key financial metrics, reaffirming the Bank’s capability to navigate the current economic challenges occasioned by impact of COVID 19 on World economies. The performance reflects its position as one of the leading and best managed financial institutions in Africa. The Group reported Profit before tax of ₦167.4billion, representing a decrease of 1.9% over ₦170.7billion recorded in the corresponding period of September 2019 and an improvement on the 5.2% dip posted in H1-2020 relative to H1-2019. Loan and Deposit book however grew by 4.5% and 25.1% from ₦1.502trillion and ₦2.640trillion recorded as at December 2019 to ₦1.569trillion and ₦3.303trillion in September 2020 respectively.
Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at ₦4.574trillion and ₦755.5billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.5% and 0.6% in September 2020 from 6.5% and 0.3% in December 2019 respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”
He further stated that; “As an organization, we willcontinue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy toimprove customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”
Overall, Guaranty Trust Bank plc continues to be best in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROAE) of 26.3%, Post-Tax Return on Assets (ROAA) of 4.6%, and Cost to Income ratio of 40.2%.
Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.
NTDC boss, Folly Coker”s 2nd Marriage Crashes
The second marriage of Folorunsho Coker, the Director-General of the Nigerian Tourism Development Company, (NTDC), to Aisha Rimi, has reportedly crashed.
Just when everyone thought Coker’s second marriage to Aisha Rimi, a member of Rimi Partners, an Abuja -based law firm specialising in corporate legal services, business advisory services and government relations, would outlast his first, it ended up making a dry run while it lasted.
Coker was first married to Folake Akindele-Coker, the boss of foremost fashion design label, *Tiffany* *Amber* . Folly Coker as he is fondly called, ended the marriage, which produced three children, abruptly. Still dazed by the manner with which her marriage ended, Folake retained her ex-husband’s name and still does to this day. While she is still single, Folly (as he is fondly called) moved on quickly and jumped into another marriage with Aisha. Aisha also used to be married to Lateef Bello Osagie, a sibling of Hakeem Bello Osagie, a former Chairman of United Bank of Africa (UBA). No sooner had her marriage to Lateef ended than she hooked up with Folly and married him. They resolved to give their second attempt at marriage their best shot and make their new ‘partnership’ work.
In fact, early in the marriage, Folly and his wife managed to keep the union together, but seeing that they could no longer continue to patch things up, they both finally decided they had had enough of each other.
What could have led to breakup of their marriage?
Pundits are however of the opinion that the Economic and Financial Crimes Commission investigation of Aisha’s alleged involvement in the diversion of the sum of N3 billion from the account of Lagos State Government Number Plate Production Authority, when Folly was the managing director, was allegedly the beginning of the end of their marriage.
Recall that the EFCC in an affidavit had alleged that the investigation of the fraud was based on an intelligence received by the Nigerian Financial Intelligence Unit of suspicious transactions on the account of Rimi and Partners.
According to the EFCC, there were “heavy inflows” in excess of N3 billion from LSGNPPA into the account of the company owned by Aisha Rimi, who was still married to Coker at the time.That perhaps,was the catalyst that set the tone for the marriage break up as Aisha was said to have revealed many things to the anti graft body.
Presently, close friends and associates of the family are watching with keen interest what the outcome of this break up will result to.
Shop Big Deals This Black Friday On Squad Black November
With Black Friday finally around the corner, HabariPay is thrilled to announce that it has launched a seller community platform highlighting some of its merchants who have amazing deals for the season! Shoppers are encouraged to check out the Squad Black November sale page here to buy fashion pieces, groceries, household items, electronics, food, art, and so much more at unbeatable discounts! The sale is currently live and will run from now till 30th November 2022.With over 60% of shoppers set to purchase Black Friday deals online this year, HabariPay launched its #SquadBlackNovember campaign to help small businesses seamlessly showcase their products and services online. The company also supported these businesses with discounted logistics, FREE advertising, and connections with millions of ready-to-buy customers to ensure they would achieve massive sales during the period.Also, beyond the discounted prices, customers also have the opportunity to win shopping vouchers and coupons through trivia and contests on the brand’s pages. Follow and stay tuned @Officialsquadco on all platforms to be a part of this!Thinking of treating yourself or getting some early Christmas presents? Shop the Black November sale here – https://squadco.com/black-november/! PS: You still have a chance to be a part of this campaign as a merchant! Follow these steps:Sign up to Squad here – https://dashboard.squadco.com/sign-up and complete your KYC (if you haven’t).Upload the products you have for the black Friday sale to your Squad Storefront in readiness for sale, and make sure you reflect the discounts on each product. Visit the Google form here to input your details! Share your business name & category, brand logo, email, phone number and Squad frontlink.
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