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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.

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GTBank suffers mass staff resignation

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The  IT division at GTBank has suffered a continual decrease in personnel within the last six months. It has caused a significant technical lacuna and work overload for current employees. Reports reaching 1st News have it that GTBank has been slow in promoting its staff; inadvertently triggering a wave of exits into the labour market which had attractive offers for their talent.

The shortage in manpower is bringing about increased workload; and mounting pressure on the remaining IT employees.

One staff said, “I was handling one application then it doubled as a result.”

Another one also: “There’s a particular team where three members left in the space of one month. Now, four people’s responsibilities are being juggled by one person.”

Also Read: Banking tech is all about digital disruptions, financial services

And yet another staff said, “The pressure is crazy. One person is doing three people’s jobs all in the name of efficiency. That’s why our cost to income ratio will always be the lowest in the industry.”

An undisclosed source said the frequent loss of experienced workers without commensurate hiring resulted in gaps in technical capabilities.

He said: “The application I am managing was handled by two people; but my partner has gone to join another team. If I’m leaving now, a new person can’t cram; and get a good grip of everything in my handover note within 3 weeks. We simply need more people on the team!”

This gap is often reflected when there is a service downtime towards the end of the month caused by server overload. During this period, transaction volume increases due to salary payments; and other month-end payments; leading to more pressure on existing resources.

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Pyramids’ Road Trip Video to Aba Stadium, a Wake up Call, Says Egbe

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The Chief Executive Officer of Monimichelle Group, Ebi Egbe, has called on the federal government to do something on the state of the roads in the country, declaring that the state of the Port-Harcourt Aba Road has become a bad advertisement for the country.

The poor state of the federal highway came to the fore over the weekend when Egyptian side, Pyramids Football Club who flew in the club’s private jet landed

at the Port Harcourt Airport and made a video of the horrible road trip to Aba and posted it on the social media, calling it a shame.

Pyramids held Enyimba 1-1 in Aba yesterday but qualified 5-2 aggregate for the semi final of the CAF Confederation Cup.

But Egbe whose outfit constructed the Enyimba Stadium turf noted that the Egyptians deliberately wanted to paint the country in bad light by showing the video to the world.

Egbe was however quick to add that government on its part also need to avoid the country being embarrassed by her international visitors by fixing our roads.

“That video by Pyramids is to me, a wake up call for us to not only fix our stadiums but also fix our roads.

“Teams that come to Aba to play have always commended the playing turf. We need to get it right on all fronts. This is why I am appealing to the federal government to get our roads fixed.

“Our teams would return to the continent next term and it would be a shame if teams from other countries that are far less endowed come in and mock us that we ve got no good roads in the country,” Egbe stressed

He further charged the various state governments to also upgrade their stadium facilities just like other countries are doing.

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