…….. Reports Profit before Tax of ₦231.7 Billion
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2019 to the Nigerian and London Stock Exchanges.
A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Profit before tax stood at ₦231.7billion, representing a growth of 7.5% over ₦215.6billion recorded in the corresponding year ended December 2018. The Bank’s Loan Book grew by 19.0% from ₦1.262trillion in December 2018 to ₦1.502trillion in December 2019, while customers’ deposits increased by 11.4% to ₦2.533trillion from ₦2.274trillion in December 2018.
The Bank maintained a well-structured and diversified balance sheet with Total assets and Shareholders’ Funds closing at ₦3.759trillion and ₦687.3Billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 22.5%. In terms of Assets quality, NPL ratio improved to 6.5% in December 2019 from 7.3% in December 2018 while Cost of Risk (COR) remained flat at 0.3%. Complementing the improvement noted in NPLs, the Bank maintained adequate Loan Loss coverage of 126.6% for Lifetime Credit Impaired Loans (NPLs) compared to 105.1% recorded in December 2018.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “At GTBank, we exist to provide excellent service to our customers and generate the returns that our shareholders expect. Our strong financial performance in 2019 demonstrates that we are delivering on both fronts. We achieveSOFTBALL TOURNAMENT: UNITED STATES CONSULATE GENERAL GIVES SUPPORT TO LITTLE LEAGUE TOURNAMENT IN NIGERIA.
In the just concluded softball tournament held at Obafemi Awolowo stadium in Ibadan which was supported by the United States Consulate General, Lagos ,the Excellers Hitters of Ibadan in the softball senior divison defeated Badagry Angles by 9 runs to 2 runs to win the U-16 of the 2020 District O1 Girls Softball Tournament, while Bishop Braves defeated Ibadan Acumen by 10 runs to 3 runs to win the U-12 category.
At the closing ceremony, Russell Brooks, Public Affairs Officer, US Consulate General, Lagos, commended the athletes for the level of discipline and skills exhibited.
Brooks said he was impressed by the energy and enthusiasm of both participants and spectators.
“This is my second visit to the Little League Tournament here in Ibadan, I commend the organisers of the maiden edition of this tournament”, Brooks said.
“Ten teams were drawn from Lagos, Abuja and Oyo State in this first Softball tournament dedicated to girls in Nigeria. It’s aimed at developing and improving girls participation in this wonder sport.
“This represents a great accomplishment for Nigeria and it’s a good one,” he said.
He added that two coaches from The Netherlands and one from the United States had taught participating local coaches new skills.
“These new skills will enhance their understanding of the rules and regulations that govern the sport. It was believed that the exchange will help Nigerian coaches and athletes as they take part in future international competitions.
“The efforts of these Coaches also demonstrate the mutual understanding, respect and cooperation that has historically been a byproduct of a common appreciation for sports, good health and fair competition,” he said.
Brooks added that the United States is pleased to support the competition “as it reflects our goal to promote full gender inclusion in all aspects of our relationship with Nigerian people.”
He added that the US believes in an inclusive Nigeria that will truly be the giant of Africa.David Adebiyi, Excellers Hitters coach, ascribed the victory to hard work and commitment, adding that the players put in their best to achieve the victory.
“We were the defending champions and I’m glad we were able to retain our title. It wasn’t an easy one but with God we did it,” he said.
Meanwhile Bishop Braves, the winner of the Little League Softball Tournament paid visit to both the Chairman and the Permanent Secretary of Oyo State Teaching Service Commission(TESCOM) Pastor Akin Alamu and Mrs Bisi Grace Oderinde respectively during the week The duo expressed their appreciation to the Bishop Phillips Academy softball team for making Oyo State proud by bringing honour and glory to the state, the school and their parents in a tournament that was majorly sponsored by the United States Consulate General Lagos.
The Championship comprises of Ten teams from Ibadan, Lagos and Abuja who competed for awards, medals and trophies at the five days’ tournament held in two divisions.
The historic event was put together by Little League Nigeria South West District 01, headed by Mr Kehinde Laniyan who also doubles as the Secretary General of the Nigerian Baseball and Softball Association.
L aniyan could not hold his joy and appreciation to the sponsors of the tournament, particularly the major sponsor, the US Consulate General, Lagos and thanked them for the huge success of the tournament. He prasied the sponsor for forgiving the Nigeria female players for the first time in the history of softball in Nigeria the chance to express themselves on the field of play through sports. He emphasised that this category of competition is new because it is exclusively dedicated to girls, and especially children.d healthy growth across all our major businesses despite varying degrees of uncertainty and volatility, and we are making progress in positioning our business for long-term growth in the face of a rapidly changing competitive landscape.”
He further stated that; “Underpinning our strong financial performance is our commitment to being there for our customers when it matters most. That is why, powered by the fundamental strength of our brand, and guided by our strategy of putting our customers at the centre of everything we do, we will continue to design and deliver financial services that not only solves our customers’ real pain points but also leaves them better after every interaction.”
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 31.2%, Post-Tax Return on Assets (ROAA) of 5.6%, and Cost to Income ratio of 36.1%. These ratios reflect the experienced Management, and efficient Balance sheet structure coupled with operational efficiency of the Bank. The Bank is proposing final dividend of ₦2.50k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2019 final year to ₦2.80k per ordinary share.
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).
