Tag: GTBank

  • GTBank announces profit before tax of N238.1bn for 2020

    GTBank announces profit before tax of N238.1bn for 2020

    Guaranty Trust Bank Plc in Thursday released its audited financial results for the year ended Dec. 31, 2020 to the Nigerian and London Stock Exchanges, announcing a profit before tax of N238.1 billion.

    The audited result released by the bank showed that profit before tax increased by 2.8 per cent to N238.1 billion compared with N231.7 billion posted in the comparative period of 2019.

    Net interest income stood at N253.668 billion during the period under review against N291.66 billion in 2019.

    The group’s loan book grew by 10.7 per cent to N1.66 trillion from N1.50 trillion achieved in the corresponding period of 2019.

    Customers’ deposits increased by 38.6 per cent to N3.51 trillion from N2.53 trillion in December 2019.

    Also, loan and advances to customers stood at N1.66 trillion in contrast with N1.50 trillion in 2019.

    Total assets and shareholders’ funds closed at N4.95 trillion and N814.4 billion, respectively.

    Commenting on the financial results, the Managing Director/Chief Executive Officer of the bank, 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.”

    Agbaje said that amidst the many challenges, the bank remained ardent believers in Africa’s growth potential.

    “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,” he said.

  • CBN, SEC approves GTBank holdco structure

    CBN, SEC approves GTBank holdco structure

    Guaranty Trust Bank Plc has obtained the approval-in-principle of the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) to commence the formal process of the reorganisation of the bank to a financial holding company (HoldCo).

    The scheme will be implemented by means of a scheme of arrangement between the bank and its shareholders pursuant to the Companies and Allied Matters Act.

    The bank has also obtained the “No-objection” of the Securities & Exchange Commission [the SEC) in connection with the proposed scheme.

    Overview of the restructuring showed that its issued shares will be exchanged on a one-for-one basis for the shares in a financial holding company. The bank’s existing Global Depositary Receipts (GDRs) are also proposed to be exchanged on a one-for-one basis for new GDRs to be issued by the financial holding company.

    The Board of Directors of GTBank made the decision to embark on the restructuring following a comprehensive strategic evaluation of the operating and competitive environment of the Nigerian banking sector in the near term. The board expects that the financial holding company will have greater strategic flexibility to adapt to future business opportunities as well as market and regulatory changes than is currently the case.

    Subject to the approval of the scheme by the bank’s shareholders, the relevant regulatory authorities and the Federal High Court of Nigeria, the holding company will have an organisational structure similar to that used by a significant number of major financial institutions globally.

    The financial holding company will be regulated by the CBN as an Other Financial Institution and listed on the Official List of the Nigerian Stock Exchange and the London Stock Exchange (the LSE}. Concurrently, the bank will be delisted from the Official List of The NSE and the LSE, and re­registered as a private limited liability company under the relevant provisions of Nigeria ‘s corporate legislation.

    GTBank will continue to be subject to the full suite of CBN banking regulations.

  • GTBank announces closure of all branches in Lagos from today

    GTBank announces closure of all branches in Lagos from today

    The management of Guaranty Trust Bank (GTBank) Plc has announced the closure of its branches in Lagos State from today (Wednesday), October 21, 2020.

    This followed the imposition of a 24-hour curfew in the state by the Lagos State Governor, Mr Babajide Sanwo-Olu, on Tuesday, October 20, 2020.

    The Governor on Tuesday afternoon declared a curfew in the state following the burning of a police station in the Orile Iganmu area of the state.

    As a result of this, the bank has said its branches in the state will remain shut until the movement restriction is lifted by the state government.

    This lender made this known in a message to its customers on Tuesday night.

    “Dear customer, due to the 24-hour curfew imposed in Lagos State from 4pm today, please note the following:

    “All our branches in Lagos are now closed and will remain closed for the duration of the curfew.

    “Our contact centre will only be available via WhatsApp. Please chat with us on WhatsApp on +2347016974994 which is available 24 hours, Mondays to Fridays or visit our help centre at www.gtbank.com/help-center.

    “Please note that all our digital channels are fully available 24/7 and you can continue banking with us through these channels: GTBWorld, Mobile App, *737*, ATM and Internet,” the email notice sighted by TheNewsGuru.com, TNG stated.

  • Scam alert: GTBank customers in Abuja raise alarm over hacked account

    Scam alert: GTBank customers in Abuja raise alarm over hacked account

    The Kubwa branch of the Guaranty Trust Bank (GTBank) in Abuja was on Friday stormed by customers, who complained that their bank accounts were hacked.

    TheNewsGuru.com (TNG) reports that most of the victims, who were mainly youths, complained of how their money allegedly grew wings and vanished from their accounts.

    A victim of the scam who gave her name as Miss Martha Dauda narrated her ordeal to TNG.

    “I got here to pay my school fees and surprisingly after filling the form, the cashier simply told me that I only have N11,000.00 in my account instead of N61,000.00,” she narrated.

    The worried GTBank customer, further stated, “I was alarmed because it wasn’t too long ago this bank made me to upgrade my account and insisted I provide NIN details.

    “I applied for NIN number and my account that was blocked was reactivated and now I want to pay my school fees only to discover that my life savings has been stolen.

    “I asked the Customer Care person in GTB and he simply told me one Opeyemi must have cleaned out my account.

    “I don’t know any Opeyemi, this is my hard earned money that I have saved after gaining admission into National Open University of Nigeria”.

    23-year-old Dauda narrated her experience in tears and confirmed to TNG that several other students and other GTBank customers equally wanted their accounts closed because their accounts were hacked.

    She explained: “we were more than five that had our accounts hacked and we were simply asked to go home”.

    Efforts to get the Kubwa GTBank branch manager to address the matter proved abortive at the time of filing this report.

  • Appellate court hears Journalist brutality case against bank, Police seven years after judgment appeal

    Appellate court hears Journalist brutality case against bank, Police seven years after judgment appeal

    The Abuja Court of Appeal yesterday heard the appeal against judgment in the Fundamental Human Rights suit between Guaranty Trust Bank (GTB), the Nigerian Police Force (NPF), a Journalist, Desmond Utomwen, and six others.

    The appellate court hearing comes 11 years after Desmond Utomwen, who was then staff of TheNEWS Magazine, was in December, 2009 brutalized by men of the Nigerian Police Force (NPF) and members of Staff of Guaranty Trust Bank (GTB), arrested and locked up at the Garki Police Station. These happened while Desmond was on official assignment.

    Desmond challenged the abuse in Court in a bid to enforce his fundamental human rights. Three years after, in October 2013, Desmond secured a judgement against the Defendants in which the Court awarded damages to the tune of N100million in his favor.

    The NPF and GTB consequently appealed the judgement. Efforts to secure date for hearing at the Court of Appeal took another seven years before a date was given for the hearing.

    On the Sept 22, 2020 scheduled sitting of the court, (yesterday) a date for adjournment was taken after parties argued motions and applications filed before the court.

    Motion for adjournment was premises upon the requirement of the appellant, GTB, to serve the Nigerian Police and their agents joined in the suit, so the appeal can be ripe for hearing. The matter was adjourned to November 5, 2020.

    The background of events that led to the current appeal by GTB, as detailed by the Committee for Protection of Journalists (CPJ), revealed that Utomwen was brutalized by several policemen in collaboration with some members of staff of GTB on December 11, 2009, for covering a peaceful protest outside the bank’s premises in Area 3, Abuja.

    The bank’s customers were protesting alleged fraudulent ATM withdrawals said to have been made by the bank’s officials, according to local journalists and news reports.

    Utomwen had asked the court to declare that his fundamental human rights had been violated when he was obstructed from working; had his equipment forcefully taken; and was attacked and hit with gun butts until he was unconscious, before being bundled into a police vehicle and detained for several hours without access to medical treatment.

    For two years and 10 months, Utomwen relentlessly sought justice. The case passed through two judges before reaching Justice Peter Kekemeke, who declared the actions violated the journalist’s right to freedom from inhuman and degrading treatment, right to own moveable and immoveable property, and right to freedom of the press and expression as protected in sections 34, 39, and 44 of the 1999 Constitution.

    “My lawyer had to ask the previous judge to disqualify herself and the case be reassigned because it was unnecessarily being stalled. That led to this judgment,” Utomwen said.

    Ugochukwu Ezekiel of Festus Keyamo Chambers, who took up Utomwen’s case on a pro-bono basis, sought a garnishment order against the police and the bank, and filed to enforce the court’s judgment.

    Coincidentally, on the same day Utomwen was drawing a close to the court battle, Benedict Uwalaka of Leadership Newspapers was assaulted on August 9, 2012, allegedly by mortuary attendants at a government hospital.

    Uwalaka’s court case came up for hearing on October 4 but was adjourned until November 13 due to power failure.

    The Nigeria Union of Journalists, a party to both lawsuits, unflinchingly supported Utomwen and Uwalaka and refused all entreaties to settle out of court.

    Ezekiel, who appeared before the Court of Appeal Panel yesterday was with the same Counsel Ugochukwu Ezekiel, who carried the same air of confidence as he did during the 2013 judgment, with the assurance that he would continue to take cases of journalists assaulted in the line of duty free of charge.

    Defence of rights of Journalists was brought again to the fore after the NUJ reaffirmed it resolve to address the spate of attacks on Journalists in the line of duty, after Cross River State Correspondent with the Daily Trust Newspapers, Mr Eyo Charles, faced an aggressive verbal attack from former Aviation Minister, Femi Fani-Kayode, on August 20, 2020.

    This was about nine months after agents of the Department of State Services (DSS), brutalised another Journalist, Oludare Richards, with The Guardian Newspapers, while covering a protest against the detention of Omoyele Sowore, in November 12, 2019.

    Such brutal treatment of Oludare Richards, Utomwen, Uwalaka, Abiri Jones, Agba Jalingo Fisayo Soyombo, and several others in illegal and unlawful actions by law enforcement agents, and against the media, has begun to draw fresh momentum in Nigeria and around the world.

    Organisations such as CPJ, Amnesty International, Human Rights Watch, and others, continue to put the situation on the front burner.

    Utomwen reiterated that his fight for justice was not for the money but the profession of journalism; protection of journalists whose rights to duty have continually been infringed upon and the freedom of the press.

  • COVID-19: We’re Prepared for Emerging Economic Realities – GTBank

    COVID-19: We’re Prepared for Emerging Economic Realities – GTBank

    Managing Director/CEO of Guaranty Trust Bank Plc, Mr Segun Agbaje, has expressed the readiness of the pan-African financial institution for the emerging economic realities.

    Since the beginning of this year, the world has been battling with the Coronavirus pandemic, which has brought the global economy to a halt.

    Many businesses have had to be shut down, while others still operating have been doing so remotely. At the moment, no one knows when the virus would be defeated and the possibility of having a vaccine for its is still far away, about 9 months or more, according to health experts.

    But in the midst of the crisis, GTBank, under the leadership of Mr Agbaje, recorded a strong performance in the first quarter of this year.

    On Wednesday, the company released its unaudited financial results for the period ended March 31, 2020, to the Nigerian and London Stock Exchanges.

    GTBank reaffirmed its position as one of the most profitable and well managed financial institutions in Nigeria with the good performance across all financial indices.

    In the period, the profit before tax stood at N58.2 billion, representing a growth of 2.1 percent over N57.0 billion recorded in the corresponding period of March 2019.

    The lender’s loan book grew by 8.0 percent from N1.502 trillion as at December 2019 to N1.622 trillion in March 2020, while customers’ deposit increased by 9.3 percent to N2.768 trillion from N2.533 trillion in the same period.

    The bank maintained a well-structured and diversified balance sheet with total assets and shareholders’ funds closing at N4.057 trillion and N661.1 billion respectively.

    Full impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.5 percent. In terms of asset quality, NPL ratio and Cost of Risk (COR) improved to 6.0 percent and 0.1 percent in March 2020 from 6.5 percent and 0.3 percent in December 2019 respectively.

    Loan loss coverage also improved to 130.5 percent for Lifetime Credit Impaired Loans (NPLs) compared with 126.6 percent in December 2019.

    Mr Agbaje, in his reaction to the earnings, admitted that, “These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic.”

    He said, “At GTBank, we know that the impact of this pandemic may sustain for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result.”

    The banking executive further stated that, “As a platform for enriching lives, our focus is on safeguarding lives and livelihoods.

    “That is why we are working round the clock to keep all our members of staff and customers safe, supporting the government in combating the pandemic and being there for our customers in every way that they may need our support at this time.”

    Overall, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of financial ratios i.e. Post-Tax Return on Equity (ROAE) of 29.7 percent, Post-Tax Return on Assets (ROAA) of 5.1 percent, and Cost to Income ratio of 40.6 percent.

    These ratios reflect the management stability and well-structured Balance sheet coupled with operational efficiency.

    In recognition of the bank’s bias for world-class corporate governance standards, excellent service delivery, and innovation, GTBank has been a recipient of numerous awards over the years.

    Some of the awards include Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine (2019), Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine (2019), Bank of the Year – Nigeria from the Banker Magazine (2018), Most Innovative Bank from the African Investor (2018), and Best Digital Banking Brand in Nigeria from the Global Brands Magazine (2018).

  • Coronavirus: GTBank insists on holding AGM, gives reasons

    Coronavirus: GTBank insists on holding AGM, gives reasons

    The management of Guaranty Trust Bank (GTBank) Plc has disclosed that it would go ahead with its Annual General Meeting (AGM) scheduled for Monday, March 30, 2020.

    Due to the coronavirus pandemic, the Lagos State government has banned gatherings of more than 25 persons so as to stop the spread of the disease, which has infected at least 46 persons in Nigeria and has claimed one life. Globally, nearly 500,000 persons have been infected, while almost 20,000 people have died from the disease.

    The directive restricting gatherings more than 25 persons was made by the state government after the lender had fixed its annual shareholders’ gathering, the 30th edition, slated to take place at Oriental Hotel, Victoria Island, Lagos.

    GTBank, in a notice to the Nigerian Stock Exchange (NSE) on Wednesday, said it would hold the AGM because of the legal framework and corporate actions predicated on the meeting, which include the payment of dividends, election of audit committee members, the filing of annual returns and approval of the fee of external auditors, which actions will remain in abeyance if the gathering is postponed or cancelled.

    GTBank explained that it held meetings with the regulators on the AGM and it was agreed that it could be held with attendance by proxy to minimize social contact.

    The lender said shareholders are advised to appoint proxies to represent them at the meeting as “the company would abide by the Lagos State government directive of not having more than 25 people in a gathering (or any other number as may be permitted at the date of the meeting).”

    “Thus, as a law-abiding corporate citizen, the number of people that would be allowed into the venue of the AGM will be restricted to the number the Lagos State government permits for social/public gathering as at the date of the meeting.

    “Kindly note that the measures above take into consideration the provisions on quorum for the meeting, as quorum can be achieved either by physical attendance or by proxy,” it added.

    GTBank urged shareholders to appoint proxies and send the duly completed proxy form(s) to the registrar, Datamax Registrars Limited at No 2c, Gbagada Express Road, Gbagada Phase 1, Lagos State or via email to datamax@datamaxregistrars.com, not less than 48 hours before March 30, 2020, noting that, “The Annual General Meeting would also be streamed live on the bank’s website and shareholders are encouraged to log in to observe proceedings.”

    It further said, “The shareholders who are able to attend the AGM would be properly screened at the security points and be required to undergo safety/health measures as directed by the Nigeria Centre for Disease Control (NCDC) and the Lagos State Ministry of Health.”

    “It is important to note that these measures have been put in place to ensure the health and safety of our staff and esteemed shareholders and to further ensure that the operations of the company are not disrupted as a result of the inability to carry our corporate actions,” the bank concluded.

  • GTBank announces early closure of branches nationwide Friday

    GTBank announces early closure of branches nationwide Friday

    Top Nigerian financial institution, Guaranty Trust Bank (GTBank) Plc has informed customers of its intention to close early on Friday, June 28, 2019.

    In a notice to customers on Monday, the lender said this Friday, banking services at its branches would end earlier than usual.

    For GTBank customers in Lagos, they won’t be attended to from 3pm on Friday and those outside won’t be attended to from 2pm.

    The reason for this early closure of is to allow the financial institution carry out its audit exercise in preparation of the release of its half-year results.

    “Dear customer, please be informed that on Friday, June 28, 2019, our branches in Lagos will close at 3pm and our branches outside Lagos will close at 2pm to enable us complete our half year audit exercise,” the notice said.

    “We encourage you to take advantage of our secure, convenient and always ON alternative channels for all your banking needs,” it added.

  • GTBank won’t issue bonus shares to shareholders – Agbaje explains

    Group Managing Director of Guaranty Trust Bank (GTBank) Plc, Mr Segun Agbaje, has hinted that the company has no intention to declare bonus shares to shareholders.

    Speaking at the lender’s Annual General Meeting (AGM) last week in Lagos, Mr Agbaje explained that this is to prevent over bloating of GTBank shares.

    Recall that the bank currently trades its shares on the Nigerian Stock Exchange (NSE) and has a total shares outstanding of 29.4 billion. The company’s stock closed last week on the local bourse at N34.80k per unit, making it have a market capitalisation of over N1 trillion.

    At the AGM, the bank chief in place of the bonus shares, the financial institution will continue to offer shareholders impressive dividend.

    He said in addition, the lender will continue to invest in empowering small businesses and promoting enterprise.

    According to him, the bank will continue to support its communities, large and small by creatively expanding certain flagship Corporate Responsibility programmes such as the GTBank Food and Drink Fair and GTBank Fashion Weekend.

    During the meeting, one of the shareholders, Mr Sunny Nwosu, who is the leader of Independent Shareholders Association of Nigeria (ISAN), appealed to the bank to improve its dividend payouts in the years ahead.

    However, he commended GTBank for sustaining profit and dividend payment in spite of challenging economy.

    According to him, the bank has shown resilience with enhanced profit and sustainable dividend in the 2018 financial year.

    Another shareholder, Mr Nona Awoh, urged the bank to map out strategies aimed at reducing its unclaimed dividend figure which stood at N18.23 billion during the period under review.

    He said the bank must liaise with its registrars and Investors Relations Officer to bring down the figure.

    At the AGM, shareholders of the company approved the payment of a total dividend of N2.75 per share for 2018 fiscal year, comprising a final dividend of N2.45 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend earlier paid in June 2018.

  • GTBank Releases Q1 Unaudited Results, Reports Profit Before Tax Of N57.0Billion

    GTBank Releases Q1 Unaudited Results, Reports Profit Before Tax Of N57.0Billion

    Guaranty Trust Bank plc has released its unaudited Financial Results for the quarter ended March 31, 2019, to the Nigerian and London Stock Exchanges.

    The Bank recorded positive performance across all financial metrics with gross earnings for the period growing by 1.2% to ₦110.3billion from ₦109.0billion posted in March 2018. Profit before tax improved to ₦57.0billion from ₦52.6billion recorded in the corresponding period of March 2018, representing a growth of 8.3%.

    Customers’ deposits also rose by 6.0% to ₦2.410trillion in March 2019 from ₦2.274trillion in December 2018, whilst the Bank’s Loan book grew by 1.6% from ₦1.262trillion as at December 2018 to ₦1.282trillion in March 2019.

    Balance sheet remained strong with the Bank closing the quarter ended March 31, 2019 with Total Assets of ₦3.556trillion and Shareholders’ Funds of ₦627.2Billion.

    In terms of Assets quality, NPL ratio and Cost of Risk closed 7.03% and 0.05% in March 2019 from 7.30% and 0.34% in December 2018 respectively.

    In addition, coverage for NPL stood at 90.12% while Full Impact Capital adequacy ratio remained very strong, closing at 22.25%. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 32.79% and 5.76% respectively. These indices are pointer to GTBank’s strategic positioning in Nigeria and other Countries where the Group operates.

    Commenting on the first quarter results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

    He further stated that; “Whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organizing the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and access to the markets that they need to grow.”

    GTBank has continued to be best in class in terms of Profitability, Efficiency and Capital among Peers and other Financial Institutions in Nigeria. This is evidenced by its Earnings per Share of ₦1.74, Return on Equity (ROAE) of 32.79%, Cost to Income Ratio of 38.64% and Capital Adequacy of 22.25%.

    These metrics are a testament to the efficient management of the Bank.

    In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years.

    Some of the Bank’s recent awards include 2018 Bank of the Year – Nigeria from the Banker Magazine and 2018 Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine.