GTBank Out With 2020 Full Year Audited Results…Reports PBT of ₦238.1 Billion

Published

2 years ago

March 20, 2021

Guaranty Trust Bank plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.

A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.

The Group reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019.

The Group’s Loan book (Net) grew by 10.7% from ₦1.502trillion recorded as at December 2019 to ₦1.663trillion in December 2020, while Customers’ deposits increased by 38.6% from ₦2.533trillion in December 2019 to ₦3.509trillion in December 2020.

Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at ₦4.945trillion and ₦814.4billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4% (Bank: 5.9%) and 1.2% (Bank: 1.0%) in December 2020 from 6.5% (Bank: 6.2%) and 0.3% (Bank: 0.2%) in December 2019 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.

We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

He further stated that; “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities.

With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”

Guaranty Trust Bank plc continues to post the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%.

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.

Business

GTCO FOOD & DRINK FESTIVAL 2023… A CELEBRATION OF FOOD!

Published

3 days ago

March 21, 2023

CelebrityPlus

The annual GTCO Food & Drink Festival is back again for its 6th Edition, and food lovers across Africa and the world are in for a feast like never before! The event is slated to hold from Saturday April 29th till Monday May 1st 2023, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos, providing a 3-day weekend of food and endless celebration.

The GTCO Food & Drink Festival brings together the greatest minds on the global culinary stage, the most industrious Nigerian small food business owners, a world class, state-of-the-art children’s play area, merging them all to give attendees the most memorable food and drink event.

Commenting on the 2023 GTCO Food and Drink Festival, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said; “Food and drink are intrinsically social things, and best enjoyed when shared. We understand the value of bringing together businesses and consumers who are passionate about food and have continued to inspire new ways to experience life through food and drink. The continuing success of our free-business platforms reflect our unchanging commitment to Promoting Enterprise and echoes our brand promise of creating Great Experiences.”

Constantly innovating the space and on a quest to continue creating great experiences for all stakeholders, GTCO Food & Drink will be expanding its capacity by creating more opportunities for more businesses and increasing its highly coveted vendor stalls from 142 to 204, giving even more innovative and assiduous business owners the chance to not only showcase their businesses to the over 250,000 foodies in attendance, but also engage with their customer base and learn from a confluence of other great-minded food entrepreneurs. The event will also feature three premier DJs in Africa, setting the scene for a weekend of celebration, food, drink, and togetherness.

Guaranty Trust Holding Company Plc is a leading financial services company providing banking and non-banking services including payments, wealth management, and pension fund management, with a presence across eleven countries spanning West and East Africa as well as the United Kingdom. The Group operates a diversified, Proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond. Over the years, many customers have benefited from its unique loan products including the Food Industry Credit and Fashion Industry Credit designed specifically for businesses in the food and fashion industry.

It’s time once again to come together and celebrate the great joys food has to offer! Attendance is FREE.

For more information on the event, please visit: https://foodanddrink.gtcoplc.com

Business

Governor Dapo Abiodun Warn Traders Rejecting Old Naira Notes In Ogun State, Releases Number To Call

Published

2 weeks ago

March 13, 2023

CelebrityPlus

The Executive Governor of Ogun State, His Excellency, Prince Dr. Dapo Abiodun, has issued a strong warning to the people of the state, especially traders, commuters, banks, filling stations, supermarkets, and others not to reject old Naira notes.

Abiodun, in his speech, insisted that the N500 and N1000 remain legal tender in his state and that whosoever was caught in the act of rejecting the money will be punished accordingly.

In a recent viral video, the number one citizen of the state said the Supreme Court has ruled that the old Naira Notes is a legal tender till December 31st, 2023, so he sees no reason people will be rejecting the money in order to make life more difficult for already suffering Nigerians.

According to him, “I am hereby sounding a note of warning to every Merchant, Trader, Banker, Petrol Station that is refusing old Naira notes. If you report to me, I will deal with you to the fullest extent of the law.

The Supreme Court of Nigeria is the highest Court of the land and has ruled that the old naira notes remain legal tender until December 31st, 2023”, he said.

However, information from another source claimed that the smart and highly intelligent governor had immediately sent out law enforcers to arrest anyone rejecting the old money. At the same time, a mobile number (0803 375 1767) was also provided for the good people of Ogun State to call in case anyone rejects the old Naira Notes in the state.