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Guarantee Trust Holding records N74.1bn profit before tax 

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Guaranty Trust Holding Company Plc (GTCO) has recorded a Profit Before Tax (PBT) of N74.1 billion for the period ended, March 31.

This bank disclosed this in the company’s unaudited consolidated and separate financial statements for the period under review, presented to the Nigerian Exchange Ltd. (NGX)and London Stock Exchange.

The financial statement indicated that the amount represented an increase of 36.5 per cent over N54.3 billion recorded in the corresponding period of March 2022.

It added that the group’s loan book (net) dipped by 1.5 per cent from N1.88 trillion recorded as at Dec. 2022 to N1.86 trillion in March 2023.

The bank’s deposit liabilities increased by 9.9 per cent from N4.61 trillion in December 2022 to N5.07 trillion in March 2023 respectively.

The group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N6.7 trillion and N975.6 billion, respectively.

“Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio.

“Also, Cost of Risk (COR) closed at 5.4 per cent and 0.2 per cent in March 2023 from 5.2 per cent and 0.6 per cent in Dec. 2022, respectively,” it said.

Commenting, the Group Chief Executive Officer of GTCO Plc, Mr Segun Agbaje, said the company’s first quarter results reflects the strength of the GTCO’s franchise.

Agbaje stated that the results also showed the quality of the bank’s decision making and the unfolding success of its efforts towards becoming a leading financial services company in Africa.

“Despite severe headwinds, we delivered a decent performance and recorded growth across key revenue lines.

“We are also not relenting in our resolve for better outcomes to people and businesses within our financial ecosystem,” he said.

According to him, some of the challenges from the past few years were still lingering and uncertainties ahead would test the resilience of most economies and businesses.

Agbaje noted that the year 2023 was shaping up to be another interesting year.

He said, “we are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base.

“Overall, the group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios.

“It posted a Pre-Tax Return on Equity (ROAE) of 31.1 per cent, Pre-Tax Return on Assets (ROAA) of 4.5 per cent, Full Impact Capital Adequacy Ratio (CAR) of 23.2 per cent and Cost to Income ratio of 43.1 per cent.

GTCO is a leading financial services group with banking operations in Nigeria, West and East Africa, United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration.

GTBank

GTCO posts N103.2bn pre-tax profit

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Guaranty Trust Holding Company Plc (GTCO) says it has posted profit before tax of N103.2 billion for the period ended June 30.

The bank stated this in its audited consolidated and separate financial statements  to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) on Monday.

The gain represented an increase of 11.0 per cent over N93.1 billion recorded in the corresponding period ended June 2021.

The group’s loan book (net) increased by 1.8 per cent from N1.80 trillion recorded as at December 2021 to N1.83 trillion in June 2022, while deposit liabilities increased by 6.4 per cent from N4.13 trillion in December 2021 to N4.39 trillion in June 2022.

The group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N5.7 trillion and N845.7 billion, respectively.

Full impact Capital Adequacy Ratio (CAR) stayed strong, closing at 22.0 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 6.2 per cent and 0.2 per cent in June 2022 from 6.0 per cent and 0.5 per cent in December 2021, respectively.

Commenting on the results, the Group Chief Executive Officer of the bank, 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.”

He said overall, the group continued to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios.

He listed some of them as Pre-Tax Return on Equity (ROAE) of 23.9 per cent, Pre-Tax Return on Assets (ROAA) of 3.7 per cent, Full Impact Capital Adequacy Ratio (CAR) of 22.0 per cent and Cost to Income ratio of 49.1 per cent.

GTB

Workers picket GTB over account freeze

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Tanko Mohammed

Nigerian Civil Service Union (NCSU), Federal Capital Territory Council, on Tuesday picketed Guaranty Trust Bank (GTB) over alleged freezing of accounts belonging to the union members.

The picketing exercise which lasted for few hours disrupted commercial activities at the Area 3 branch in the FCT.

Mr Prince Sani, Secretary General of the union, FCT Council, told newsmen in Abuja that the freezing of the union account by the bank was uncalled for.

“Three days ago, we wanted to access our account and we realised that a restriction has been placed on the account by the bank without a valid court order.

“They also presented a letter to us by a public trustee and I think we as a council, we are not in any court case with any organisation or anybody.

“Courtesy also demand that if our account should be frozen, even the bank has a duty to tell us, because this is a bank we have been operating with for the past 12 years,” he said.

Sani also noted that this was not the first time that the GTB had frozen the union account.

He said there was a similar case about two years ago in which the bank apologised and no legal action was taken against them.

“The same thing has repeated itself again and it is because we did not sue them at that time.

“Because before you freeze an account there must be a court order. We felt that this is wrong and that we should inform them.

“We therefore wrote an officially letter to them, in which we, the federal administrative members including the council chairman was here yesterday to deliver the letter.

“We told them that yesterday that if the bank account was not unfrozen by the end of yesterday, we will picket the bank today.

“We told them that if bank account was also not unfrozen by the end of today, we will picket GTB nationwide,” he said.

The National Industrial Court of Nigeria (NICN) recently appointed a Public Trustee to run the affairs of the union.

The appointment was made following the nullification of the council’s January 2018 National Delegates Conference in which the Lawrence Amaechi-led executive was elected.

The Public Trustee, Mr Monday Ubani, had assumed duty since Jan. 21.

Reacting, an official source at the GTB said it had placed a restriction order on the account of the union acting on a NICN order.

“The court appointed a public trustee that will manage the affairs of the union since they can’t leave it without executives.

“The public trustee that was appointed was a man called Mr Ubani.

“Since one of the mandates the court gave him was to oversee the finances of the union, he then asked that there should be a restriction of the account of the union so that he will be able to do an audit.

“There is a restriction on the account so that he will be able to perform the audit.’