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.
Breaking: PDP induces people to impersonate political parties, plans press conference.
Concerned citizens in Ogun state on Friday raised an alarm over the inducement of some buyable politicians by PDP governorship candidate, Hon. Ladi Adebutu.
The insider source revealed that Adebutu, who lost out in the governorship election of last Saturday, has slated a press conference where some people will impersonate the executives of the Ogun State Chapter of Inter-Party Advisory Council (IPAC) along with few politicians claiming to be Chairmen of registered political parties, with a promise of N2 million naira each.
The press conference slated for Park Inn Abeokuta, owned by Ladi Adebutu’s father will hold any moment from now.
According to the insider source, “Ladi and his party know they cannot win at the Tribunal because they are quoting a wrong section of the Electoral Act 2022, while ignoring the relevant and applicable section of the law. That is why they are bent on inciting and inducing the public instead of going to the Tribunal”
Billionaire Bizman Femi Egbeoluwa And Wife Murdered In Lagos
The Lagos State police force has launched an investigation into the assassination of a couple in the Allen Avenue area of Ikeja Lagos state Nigeira.
Engineer Femi Matthew Egbeoluwa and his wife, Funmi were reportedly killed by unidentified gunmen who broke into their home at 1 Adefolu drive, Allen Avenue between last Friday night and early Saturday. The couple’s house workers were also attacked by the assailants, who left the wife in a pool of blood. The police spokesperson, Benjamin Hundeyin, confirmed the incident and stated that the investigation is ongoing, although no suspect has been arrested at the time of filing this report. The case has been transferred to the homicide section of the state Criminal Investigation Department, Panti, Yaba, for further investigation.
The assassination of the couple has sent shockwaves across Lagos State and has raised concerns about the safety and security of residents. The police force has assured residents that they will leave no stone unturned in their investigation and that those responsible for the crime will be brought to justice.
Engineer Femi Egbeoluwa and his wife were well-known members of their community and their deaths have been met with widespread mourning and tributes. Many have taken to social media to express their condolences to the family and to call for justice for the couple.
The incident has once again highlighted the need for improved security measures in residential areas across Lagos State. It is important for individuals and communities to take proactive steps to ensure their safety and security, such as installing security cameras, strengthening security doors and windows, and being vigilant about suspicious activities in their neighborhood.
The police force has urged anyone with information that could help with the investigation to come forward and provide assistance. It is crucial for members of the public to work together with law enforcement agencies to combat crime and ensure the safety of their communities.
The tragic assassination of Engineer Femi Matthew Egbeoluwa and his wife should serve as a wake-up call to all residents to take the issue of security seriously and work together to make Lagos State a safer place for everyone.
News2 years ago
PLEASE HELP SAVE LITTLE AISHA’S LIFE
News2 years ago
GTBank Out With 2020 Full Year Audited Results…Reports PBT of ₦238.1 Billion
Business1 year ago
Fitch Affirms Ecobank Nigeria’s Stable Outlook
Entertainment9 months ago
Meet Upcoming US based Naija Female Entrepreneur, ABIGAIL JOSEPH. Talks About Her Fashion and Lifestyle
Business2 months ago
KOGI SEN (ECHOCHO) IN PUBLIC FIGHT -DISGRACED IN ANKPA LG
News1 year ago
“Save Our Souls From Bandit Sponsors, Land Grabbers in Police Uniform”- Oreki Villagers To IGP
News1 year ago
SSANU Honours Kogi Politician, Abubakar Ibrahim
Business7 months ago
GTCO Plc Releases 2022 Half Year Audited Results. Reports Profit Before Tax of ₦103.2billion