….Reports Profit before Tax of ₦215.6 Billion
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2018, to the Nigerian and London Stock Exchanges.
A review of the results shows positive performance across all financial metrics and improved strategic positioning of the brand. Gross earnings for the year grew by 3.7% to ₦434.7billion from ₦419.2billion reported in December 2017. Profit before tax stood at ₦215.6billion, representing a growth of 9.1% over ₦197.7billion* recorded in the corresponding year ended December 2017. The Bank’s customer deposits increased by 10.3% to ₦2.274trillion from ₦2.062trillion in December 2017, however, loan book dipped by 12.9% from ₦1.449trillion recorded as at December 2017 to ₦1.262trillion in December 2018.
In view of the above, the Bank closed the 2018 financial year with Total Assets of ₦3.287trillion and Shareholders’ Funds of ₦575.6Billion. In terms of Assets quality, NPL ratio and Cost of Risk improved to 7.3% and 0.3% in December 2018 from 7.7% and 0.8% in December 2017 respectively. In addition, the coverage ratio for NPL stood at 105.1% and Capital adequacy ratio remained very strong, closing at 23.4% despite the implementation of IFRS 9. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 30.9% and 5.6% respectively. The Bank is proposing a final dividend of ₦2.45k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2018 financial year to ₦2.75k per unit of an ordinary share.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “In 2018, our focus on staying nimble, strengthening customer relationships and driving our digital-first strategy paid off. We successfully navigated the pressures of our challenging and radically changing business environment, recorded growth across key financial indices and reaffirmed our position as one of the best performing and well managed financial institutions in Africa.
He further stated that; ‘This result reflects, not just the fundamental strength of our brand, but also our commitment to our values of excellence, creating value for all stakeholders and putting our customers first in everything that we do. Driven by these values, we are building the bank of the future by pairing the best of our business with the massive potential of digital technologies to create Africa’s first integrated and trusted platform; Habari.
GTBank has continued to report the best financial ratios in terms of profitability, efficiency and capital for a Financial Institution in Nigeria as revealed by its return on equity (ROAE) of 30.9%, a cost to income ratio of 37.1% and capital adequacy of 23.4%. These ratios 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 awards in 2018 include Bank of the Year – Nigeria from the Banker Magazine, Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine, Most Innovative Bank from the African Investor, and Best Digital Banking Brand in Nigeria from the Global Brands Magazine.
Heritage Bank tasks HB LAB start-ups on Nigeria becoming Africa ICT destination hub
Heritage Bank Plc, Nigeria’s most innovative banking service provider charged applicants of HB Lab start-ups to support Nigeria’s aspiration and roadmap to become a leading Information Communication Technology (ICT) Hub in Africa.
Executive Director of the bank, Jude Monye disclosed this at the launch of the maiden edition of the new innovation-driven concept, HB LAB yesterday, in Lagos.
Monye commended the 10 teams of contestants who made it to the LAB, whilst charging them to replicate the Rwanda’s ICT digital tech system feats.
He, however, canvassed for indigenous production of advanced technological systems, as against leaving the core job in the hands of foreigners.
Addressing the applicants, Monye said, as usual, the financial powerhouse is known for supporting and sponsoring investment ideas that have the potency of challenging the status quo with the motive of impacting positively on the critical sectors of the nation’s economy.
According to him, the management of Heritage Bank is always seeking viable business ideas that could compliment the fiscal policies of the government with the ultimate aim of growing and developing the aggregate economy.
“At Heritage Bank, we help aspiring entrepreneurs to create, preserve and transfer wealth. What we are gathered here for today, is another moment of innovation-driven concept that is expected to provide startup enterprises with enabling environment, resources and support required to innovate and accelerate impactful solutions for the economic development drives,” he said.
For this maiden edition, Monye explained that Heritage Bank has ceded the professional handling of the 12-week competition to a consultancy firm…..According to him, this was done to allow for professionalism, fair-play and objectivity.
He further stated that his management was not really particular about any sector of the economy, as the winner could emerge from any industry as long as his proposal is strong enough to impact positively on the various sectors. His words: “We are not zeroing in on any particular idea or industry; we are more interested in the result achievable in different sectors.”
The application portalhttps://www.hblabs.com.ng/ which was launched on the 31st January 2019 closed on the 14th February 2019.
About 154 applicants who applied were reviewed 30 who made above average score and grouped into 10 Teams, whilst at the end of the 12 weeks programme will produce the best Tech start-up as a Team.
Similarly, Ike Williams, Directorate Head, Service Bank/Chief Information Officer, Heritage Bank congratulated the participants in attendance. He said for them to scale the first hurdle, it shows that the quality of their proposals was higher than that of their counterparts who were screened out.
He stated that the management of Heritage Bank and the consultants would be looking out for innovation, commitment, sincerity of purpose among other variables before any contestant could be picked as winner.
Meanwhile, Williams assured them that even if they do not win, the experience they would have gained while they are on the programme will be useful for them in growing their enterprises.
Among the participants at the launch are: Mile12Food; 365weddingedit; and TREP Labs. Others are: Simbibot, BBOX, Nesterpod, LadipoMarket.com, Fashion Map and Iden2five.
Cars45 expands retail footprints with Enyo partnership
In continuation of its drive to facilitate ease of access and deliver more convenient services, Nigeria’s largest online vehicle trading platform, Cars45, has partnered with ENYO Retail and Supply, an innovative fuel retail brand, to increase its retail footprints and provide consumers with opportunities to buy, sell or swap their cars at all Enyo service stations nationwide.
It is expected that the launch of this exciting partnership, will enable consumers experience peerless automotive services at Enyo retail outlets whilst increasing visibility for Cars45 value offerings across foot and vehicular traffic channels.
Commenting on the partnership, Chief Executive Officer, Cars45, Etop Ikpe, noted that the relationship is a strategic one aimed at helping to the company to achieve its mission to build an ecosystem that enhances, enables and drives trade within the nation’s automotive sector.
“This partnership with ENYO affords us the opportunity to deepen the pervasiveness of our products and services across the country. We are always seeking innovative approaches to expand and transform the currently fragmented automotive ecosystem and offer support across all the automobile trade, repair and verification services,” Ikpe added.
Highlighting the similarities between both organizations, Ikpe noted that, “Cars45 and ENYO are both technology-driven and innovative firms that have become synonymous with engaging customers through excellent retail experiences. Whilst Cars45 fueling and giving life to the car ownership dreams of consumers, ENYO is powering a fuel retailing revolution in Nigeria.”
Also speaking on the partnership, Chief Executive Officer, ENYO Retail and Supply, Abayomi Awobokun described the partnership with Cars45 as an extension of Enyo’s unrelenting desire to become the most desired fuel retailing company renowned for its best-in-class retail experience, strong customer-focus, and technology driven operations.
According to Awobokun, “this partnership is a step in the right direction and is positioned to achieve great feats as well as validate our market position and ability to create new value streams for our customers. It is also in alignment with our brand persona as the most exciting and trusted fuel retail brand in Nigeria. I have no doubts that this partnership will become the role model in delivering world class automotive services in Nigeria.”
Head, Commercial Operations and Marketing, Cars45, Mayokun Fadeyibi, said, “We are always striving to ensure that we make the automotive transaction experience a whole lot easier and exciting. Our partnership with ENYO signposts this commitment even as we continue to seek for new ways of creating value. On the back of the partnership, our services will be accessible in the over 55 ENYO service stations across 13 states and serving over 50,000 customers daily.”
Furthermore, she added that, “this is just the beginning of the partnership and I am excited at the possibilities ahead for both brands to co-create amazing value offerings. We would be looking to build on it and expand the scope of our partnership through the year.”
The 2019 GTBank Food and Drink Festival! Get Ready For the Biggest Food Festival in Africa
After three stellar exposés of the biggest culinary experience in Africa, the GTBank Food and Drink Festival is getting bigger for the 4th edition, which will hold for 4 days from Sunday, 28th April, to Wednesday 1st May 2019 at the GTCentre, Plot 1, Water Corporation Drive, Oniru, Lagos.
Created in 2016 by leading African financial institution, Guaranty Trust Bank Plc, the GTBank Food and Drink Festival has become the premier culinary event in Africa, bringing together tens of thousands of people from across the continent and beyond to support and celebrate Nigeria’s vibrant and burgeoning small businesses in the food retail sector. Over the last three years, the event has hosted more than 450,000 people, featured dozens of entrepreneurial masterclasses byinternational chefs and food business experts and launched or propelled the businesses of hundreds of entrepreneurs in the food retail industry. To watch some of the testimonials of these small business owners, please visit
This year, alongside adding an extra day to the event,the GTBank Food and Drink Festival willoffer free Retail Stalls to over 300 small businesses, more than double the number from the previous year. The event will also feature a series of masterclasses and cookery classes facilitated by renowned food and drink experts from around the world. In addition, there will bea farmers’ market for the sale of fresh and organic produce as well as a showcase ofsome of the finest street foodsinAfrica’s largest city. In line with its family theme, the 4-day event will also feature exciting games and fun exercises designed to thrill and entertain children all day long.
Commenting on the 2019 GTBank Food and Drink Festival, the Managing Director and Chief Executive Office or Guaranty Trust Bank Plc, Segun Agbaje, said; “We are delighted to bring to our customers, small business owners and food lovers across the continent and beyond, another edition of an event that is second to none in delivering the finest culinary experience in Africa. This year, we are taking our commitment to promoting enterprise in the SME sector further by giving small businessesmore opportunities to connect with consumers and business experts from around the world.”
He further stated that, “At GTBank, we will continue to focus on promoting enterprise in food and fashion, because we know that by investing in both sectors, we are propelling local entrepreneurs to dominate two critical sectors of our economy.”
Guaranty Trust Bank Plc is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality, and innovation. The Bank is also intervening in key economic sectors to strengthen small businesses and recently launchedtheGTBank Food Industry Credit and Fashion Industry Credit, unique loan products designed specifically for small businesses in the food and fashion industry, and offered at a repayment rate of 9 percent per annum.
Kylie Jenner & Travis Scott not ready to mend their relationship after cheating rumour
South African President, Cyril Ramaphosa stuck inside train during his Campaign
Homeless Nigerian Boy becomes Chess Champion in US
Akpabio at Election Tribunal, Seeks Order to Reclaim Mandate
Many injured as Man opens fire on Dutch tram
Houston based Nigerian Woman, Thelma Chiaka gives birth to sextuplets in 9 minutes
Heritage Bank tasks HB LAB start-ups on Nigeria becoming Africa ICT destination hub
Gbenga Daniel dumps PDP for APC
Okorocha allegedly Earmarks N1 Billion to bribe INEC for Certificate of Return
Kim Kardashian celebrates Rob Kardashian with throwback photos on his birthday
News7 months ago
Calm returns at Maiduguri Airport after Soldier’ gun protest
News3 months ago
Video: Fire engulfs Forte Oil filling station at Local Airport in Lagos
Business7 months ago
Photos from Tony Elumelu’s Mother’s 90th birthday party
Politics12 months ago
Nigerian judges burdened with too many cases — Ajimobi
Business1 year ago
Jim Ovia pledges ₦250m to Lagos State Security Trust Fund
News5 months ago
Angola sets to close down unregistered churches
General7 months ago
‘World’s hottest grandma’ Gina Stewart topless in a Jacuzzi
General7 months ago
The world’s hottest grandma Gina Stewart flaunts her pert derrière