The Nation Newspaper

Category: Equities

  • CSCS outlines growth plan as profit hits N6.1b

    Central Securities Clearing System (CSCS) Plc is investing in optimization of its processes, technologies and human resources to continue to drive growth and achieve its vision of being the leading central securities depository in Africa.

    At a stakeholders’ forum in Lagos, the company reviewed its performance in 2018 and outlined strategic growth plan. Key extracts of the audited report and accounts of the company for the year ended December 31, 2018 showed that profit before tax rose by seven per cent to N6.09 billion while gross earnings increased by four per cent to N9.08 billion. Total assets rose by 12 per cent to N35.9 billion. The company’s pre-tax profit margin improved from 65 per cent in 2017 to 67 per cent in 2018.

    Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri said the company has started implementing a five-pillar strategic plan that will lead further unlock greater business potential for the company.

    He said the company’s strategic thrust for its next phase of growth is built on five pillars including process optimisation, customer satisfaction, improved technology, partnership and strategic alliances across businesses and stakeholders and growing the top-line with a view to creating better values for all stakeholders.

    According to him, despite the vagaries in the domestic economy, global economic and geo-political shifts, and the emerging industrial evolution; the company continues to see exciting growth prospects in its markets of interest.

    He pointed out that in the 2018 business year, the company achieved several milestones including the upgrade of its central securities depository (CSD) rating by Thomas Murray to A+, ISO 27001: 2013 recertification and cleaning up of its database amongst others.

    He pointed out that as aggregate trading activity weakened in the capital markets, the company strategically refocused on traditional CSD business lines to enhance earnings quality and growth sustainability into the future.

    He said the company is focused on enhancing its client experience, leveraging straight through process (STP) processes to drive effective and efficient service delivery models.

    “Our focus on good governance practices continues to drive efficiencies across our operations, as we improve earnings quality,” Jalo-Waziri said.

    He noted that the company has over the past three years achieved a cumulative annual growth rate of 19.3 per cent, assuring that CSCS remains passionate about creating value for all its stakeholders.

    “We are excited at the prospects for the future and the opportunities we continue to perceive. Our ongoing talent repositioning effort is aimed at ensuring we have the right talent to execute our strategy going forward. We will ensure we enhance our ability to attract and retain the talent we need to deliver on our business potential,” Jalo-Waziri said.

    A shareholder, Alhaji Kabiru Tambari, commended the company for the growth and urged the management to further work to deliver better returns to shareholders.

    He advised the management to establish effective communication with the shareholders in order to give the retail minority shareholders greater sense of participation.

  • Debut 30 year FGN Bond oversubscribed

    Nigeria’s first 30 year FGN Bond has been oversubscribed.

    A statement issued by the Debt Management Office (DMO) on Wednesday night said “investors keenly contested for the N20 billion 30-year FGN Bond offered by the Debt Management Office (DMO) at the April 2019 FGN Bond Auction.”

    According to the DMO, “a total subscription of N80.41 billion was received from investors for the N20 billion offered by the DMO for the 30-year Bond, representing a 400% subscription rate.”

    The bulk of the subscriptions the DMO said “came from asset managers and insurance companies who have been looking for long-term, good quality assets to buy in order to match their liabilities.”

    With the success of the 30-year Bond offering, the DMO said it “has reinforced its pioneering role in the Domestic Capital Market by introducing another longer-dated instrument which for the Government, represents appropriate funding for infrastructure and an effective tool for spreading out its liabilities, while for the private sector, it provides an avenue for other issuers, such as corporates, to access longer-term funding for their projects.”

    The DMO offered a total of N100 billion in tenors of 5, 10 and 30 years at the Auction and received total subscriptions of N149.30 billion, representing a total subscription level of about 150%.

    The DMO allotted a total of N97.40 billion to successful bidders at 14.50% for the 5-year, 14.55% for the 10-year and 14.80% for the 30-year FGN Bond.

  • SAHCO lists shares on NSE

    Skyway Aviation Handling Company (SAHCO ) Plc yesterday listed its entire paid up share capital of 1.35 billion shares on the Nigerian Stock Exchange (NSE). The shares were listed at N4.65 per share.

    Managing Director, Skyway Aviation Handling Company  (SAHCO) Plc, Mr Basil Agboarumi, said the company decided to list on the NSE in line with transaction agreements it had with the Bureau of Public Enterprises  (BPE) when undergoing the privatisation process.

    He said the listing will give Nigerians the opportunity to participate in the company’s growth story.

    “The listing will also improve the liquidity and tradability of the company’s shares, increase the company’s visibility and credibility in the Nigerian market and beyond,” Agboarumi said.

    He added that the listing would also broaden the company’s access to capital in order to fund its future growth initiatives.

    Agboarumi said the key investment highlights that would attract investors were the company’s sound business model and scalable franchise, strong brand name and reputation, best-in-class facilities and experienced management team with deep expertise and competence.

    He stated that the future strategy of the company to grow was to expand service offerings, enter into strategic alliances and partnerships, increase customer lifetime value, develop the skills of employees and manage cost.

    Chief Executive Officer, Nigerian Stock Exchange ( NSE ), Mr Oscar Onyema, said SAHCO was the first company under the  last privatisation programme to successfully finalise its listing on the NSE.

    He described the company as a good example to other companies.

    Onyema, who was represented by Executive Director, Regulations, Nigerian Stock Exchange (NSE), Ms Tinuade Awe, said SAHCO would be adding N6.29 billion to the market capitalisation of the equities market.

    He said the listing of SAHCO on the NSE showed the confidence the company has in the exchange.

  • Shareholders laud UBA over pan-African growth

    •Approves N29.1b dividend

    Shareholders of United Bank for Africa (UBA) Plc have commended the first-tier commercial banking group for its steady growth across the key African markets.

    At the annual general meeting yesterday in Lagos, shareholders commended that UBA’s diversified operations in several African economies in addition to its domestic operations in Nigeria has provided strong base for sustained growth over the years

    Shareholders also approved the payment of a final dividend per share of 65 kobo per share, bringing the total dividend per share for the 2018 business year of 85 kobo. Total dividend for the year stood at N29.06 billion.

    National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, commended the board and management for the dividend in spite of unfriendly operating environment, noting that with the financial results, UBA has shown that it can make Africa proud being the biggest bank,

     

    Hamzat Ridwan, representing shareholders from Zamfara State also said the group has proved to be African giant with the performance recorded across the 20 African countries.

    Chairman, United Bank for Africa ( UBA ) Plc , Mr Tony Elumelu, assured shareholders that the group is on a stronger footing to gain market share in Nigeria and other 19 African countries where it operates.

    Elumelu noted that despite the relatively slow recovery of the economy, the group’s retail deposit grew by 42 per cent, a testament to its improved service channels and enhanced customer service.

    He reiterated the commitment of the bank to its pan-African vision noting that UBA is enthusiastic to be a partner in realisation of critical infrastructure across the African countries.

    He pointed out that interest income rose by 11 per cent on the back of increased asset base and African operations contributed 40 per cent of the top-line  earnings, reinforcing the positive outlook on the group’s profitability over the medium to long term.

    Group Managing Director, United Bank for Africa (UBA) Plc, Kennedy Uzoka, said the bank remains liquid and well capitalized with the group capital adequacy ratio (CAR) ratio of 24 per cent, adding that even under a BASEL III scenario, its capital buffer remains strong to support growth.

    Uzoka said the group remains optimistic and will continue to deepen its play in target growth sectors that are benefactors of the government’s reforms and policies whilst banking new opportunities.

     

     

  • Nigerian equities rally N198b gain as investors swoop on banks

    Nigerian equities sustained a major recovery last week as investors responded positively to first quarter earnings. The equities market closed weekend with average gain of 1.78 per cent for the week, equivalent to net capital gain of N198 billion. The rally during the week moderated the negative average year-to-date return to -4.28 per cent.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) closed weekend at N11.301 trillion as against its opening value of N11.103 trillion for the week. The All Share Index (ASI)- the main index that tracks share prices, also rose from the week’s opening index of 29,560.47 points to close weekend at 30,086.31 points.

    Market analysts agreed that the rebound was due to the onset of first quarter earnings, especially the positive results released by leading first-tier banks.

    “The week’s positive close and sentiment can be attributed to the positive first quarter 2019 results that have started to filter in. We opine that investors will continue to take position in attractive stocks ahead of earnings expectations,” Afrinvest Securities stated.

    Analysts at Cordros Capital also attributed the rebound to earnings season, noting that strong numbers reported by most first-tier banks and other companies renewed sentiment for naira risk assets.

    “We reiterate our view that the blend of a compelling valuation story, together with positive macroeconomic picture leaves scope for a market recovery in the medium term. However, we guide investors to tread the cautious trading path in the short term,” Cordros Capital stated.

    Banking stocks accounted for some two-thirds of total turnover at the Exchange with the trio of Union Bank of Nigeria (UBN), Access Bank and Guaranty Trust Bank accounting for about 36 per cent of total turnover volume and 42.4 per cent of total turnover value. Investors staked N4.85 billion on 355.04 million shares of UBN, Access Bank and GTB in 2,133 deals.

    Total turnover during the four-day trading session last week stood at 988.69 million shares worth N11.43 billion in 13,596 deals as against a total of 1.77 billion shares valued at N15.26 billion traded in 17,015 deals in the previous week.

    The bank-led financial services sector remained the most active with a turnover of 766.19 million shares valued at N7.26 billion in 7,820 deals, representing 77.50 per cent and 63.51 per cent of the total equity turnover volume and value respectively. The information and communication technology (ICT) sector occupied a distant second with 74.77 million shares worth N24.60 million in 212 deals while the consumer goods sector place third with a turnover of 48.02 million shares worth N3.095 billion in 2,374 deals.

    There were no trading in Exchange Traded Products (ETPs) last week compared with a total of 13,740 units valued at N215, 010 traded in two deals two weeks ago.

    Meanwhile, a total of 14,246 units of Federal Government bonds valued at N14.98 million were traded in 17 deals compared with a total of 787,527 units valued at N795 million traded in 26 deals penultimate week.

    Sectoral analysis showed widespread positive sentiments as investors sought to take positions ahead of the closure of dividend qualification and in anticipation of strong earnings in the 2019 business year. The NSE 30 Index, which tracks the 30 most capitalised companies at the Exchange, posted a positive return of 2.08 per cent for the week. The NSE Banking Index also recorded above-average return of 2.07 per cent. The Consumer Goods Index recorded the highest gain of 5.07 per cent. The NSE Insurance Index rallied average gain of 2.44 per cent while the NSE Industrial Goods Index recorded modest gain of 0.46 per cent. However, the NSE Oil and Gas Index was the only contrarian index with negative return of -2.12 per cent.

    There were 33 advancers and decliners each while 101 stocks remained unchanged. However, gains by highly capitalised stocks boosted the market position. Chams recorded the highest gain, in percentage terms, with a gain of 28.57 per cent to close at 36 kobo. First Aluminium Nigeria followed with a gain of 28.13 per cent to close at 41 kobo. Dangote Flour Mills rose by 27.38 per cent to close at N10.70. Access Bank rose by 15.13 per cent to close at N6.85 while AIICO Insurance rallied by 10.29 per cent to close at 75 kobo.

    On the negative side, Associated Bus Company led with a drop of 17.5 per cent to close at 33 kobo. Royal Exchange followed with a loss of 12 per cent to close at 22 kobo. United Capital dropped by 11.43 per cent. C & I Leasing dropped by 9.9 per cent to close at N7.20. AG Leventis declined by 9.68 per cent to close at 28 kobo while UACN Property Development Company lost 9.64 per cent to close at N1.50 per share.

    The recovery at the Nigerian market also mirrored the continuing positive global outlook. Key global indices in the advanced and emerging markets closed weekend positive. In America, the Dow Jones Industrial Average (DJIA) rose by 0.3 per cent while the S & P inched up by 0.1 per cent. In Europe, the FTSE 100 posted a gain of 0.4 per cent. Euro Stoxx 50 rallied by 1.5 per cent. In Asia, the CSI 300 Index rose by 2.1 per cent while Nikkei 225 rose by 1.0 per cent. The MSCI EM, which tracks emerging markets, rose by 0.8 per cent while the MSCI FM, which tracks frontier equities, inched up by 0.1 per cent.

    port and accounts for the first quarter ended March 31, 2019 showed that GTB’s gross earnings inched up by 1.2 per cent to N110.33 billion in first quarter 2019 as against N108.97 billion in first quarter 2018. Profit before tax rose by 8.3 per cent from N52.62 billion to N56.98 billion. Profit after tax also rose from N44.67 billion to N49.30 billion. With these, earnings per share increased from N1.58 in first quarter 2018 to N1.74 in first quarter 2019.

    In the same period, Access Bank grew its top-line by 16.5 per cent as gross earnings rose to N160.12 billion in first quarter 2019 as against N137.54 billion in first quarter 2018. Profit before tax jumped by 66 per cent from N27.44 billion to N45.10 billion. After taxes, net profit leapt by 86.03 per cent from N22.12 billion in first quarter 2018 to N41.15 billion in first quarter 2019. Earnings per share also rose from 77 kobo to N1.39.

  • Prestige Assurance fails NSE’s main listing requirement

    Prestige Assurance Plc has less-than-required minimum volume of shares for public trading at the Nigerian stock market, a major infraction that may adversely affect liquidity and efficient price discovery on the shares of the insurance company.

    A check by The Nation at the weekend indicated that Prestige Assurance has less than 20 per cent of its issued shares in the hands of minority retail shareholders, contrary to the rules at the Nigerian Stock Exchange (NSE).

    Under the rules at the Exchange, companies listed on the premium board are required to have 20 per cent free float or more than N40 billion of their capitalisation in the hands of general investing public. Companies on the main board are required to have a minimum free float of 20 per cent of their market capitalisation, implying that 20 per cent of the companies’ shareholdings must be available for minority retail shareholders. However, companies on the Alternative Securities Market (ASeM) are required to have 15 per cent free float.

    Prestige Assurance, which is listed on the main board of the Exchange, has a free float of 19.03 per cent, about one percentage point below the required threshold of 20 per cent. This implies that the two major investors in the company may be required to free up about 54 million shares for the minority retail shareholders.

    The New India Assurance Company Limited, Mumbai, the precursor and founder of Prestige Assurance, holds 69.50 per cent majority equity stake in the Nigerian subsidiary. Leadway Assurance Company, an unlisted Nigerian insurance company, holds 11.47 per cent equity stake.  Prestige Assurance was established in 1952 as a branch office of The New India Assurance Company Limited, Mumbai. It was later incorporated as a limited liability company on January 6, 1970.

    A check by The Nation also indicated that the NSE has not listed Prestige Assurance as one of the companies in violation of the free float requirement. A source in the know told The Nation that this might not be unconnected with  the intervening period between the last compliance assessment by the Exchange and the change in shareholding structure of the company.

    There are 20 companies currently flagged at the Exchange for free float deficiencies. These include Union Bank of Nigeria, Capital Hotel, AG Leventis, Interlinked Technology, Infinity Trust Mortgage, Transcorp Hotels, Ekocorp, Champion Breweries, Caverton Offshore Support Group, The Tourist Company of Nigeria Plc, E-Tranzact International Plc, Aluminium Extrusion, Union Dicon Salt, Austin Laz & Company, CWG, Global Spectrum Energy Services, Portland Paints & Product Nigeria (PPPN), Newrest ASL Nigeria, Medview Airlines and Notore Chemical Industries.

    Free float, otherwise known as public float, refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake, which is 5.0 per cent and above in Nigeria.

    Thus, free float’s shares do not include shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated, affiliated or family holdings.

    Overconcentration of shares in the hands of majority core investors easily makes a company’s share price susceptible to manipulation and detracts from stock market’s objectives of wealth distribution, liquidity and efficient pricing.

  • Ecobank raises $450m in debut Eurobond

    Ecobank Transnational Incorporated (ETI) Plc has successfully raised $450 million, about N138 billion, under its debut Eurobond issue. The debut Eurobond, which was oversubscribed, was issued at a coupon of 9.5 per cent.

    The ETI Eurobond is a five-year unsecured note and it is listed on the London Stock Exchange (LSE). The bond matures in April 2024. Subscribers to the bond included investors from United Kingdom, United States of America, Europe, Middle East, Asia and Africa.

    Ecobank indicated that the net proceeds of the issue would be used for its general corporate purposes and to refinance existing obligations.

    Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI) Plc, Mr Ade Adeyemi said the debut issue was another milestone for the holding group.

    “This is another first for Ecobank and I’m excited at the prospects for the group as we continue the second phase of our five-year ‘roadmap to leadership’ strategy,” Adeyemi said.

    He said the success of the debut issue showed that the group’s efforts toward greater operational and capital efficiency are paying off, noting that the additional capitalisation was another example of measures being taken to strengthen the group and deliver value for all stakeholders.

    Group Chief Financial Officer, Ecobank Transnational Incorporated (ETI) Plc, Mr Greg Davis added that the success of the Eurobond reflected the appetite from the high quality and real money institutional investors globally.

    He pointed out that the issue underlined the trust that investors continue to repose in the ETI and the markets it has chosen to participate in.

  • Shareholders laud GTB over sustained growth

    Shareholders of Guaranty Trust Bank Plc (GTB) Plc yesterday commended the board and management of the commercial bank for sustaining growth despite the challenges in the operating environment.

    At the annual general meeting yesterday in Lagos, shareholders also unanimously approved the payment of a final dividend per share of N2.45 kobo, bringing the total dividend per share paid for the 2018 financial year to N2.75 Kobo.

    Shareholders commended the performance of the bank in 2018, noting that it has also started on a good with the first quarter results in 2019.

    A shareholders’ leader, Mr. Patrick Ajudua, commended the board and management of the bank for sustaining its profitability and ensuring good dividend payment to shareholders.

    “We believe you have done well and believe that you will do better by next year,” Ajudua said.

    He urged the bank to consider increasing its dividend payout in the next year citing the impressive growth in net earnings per share.

    Another shareholder, Mr Tunji Bamidele, also commended the dividend policy of the bank and urged the board to consider upward review of dividend payout.

    “I appreciate your earnings per share as well as your dividend policy of about 42 per cent compared to that of last year. I appeal to the board to move beyond this. Giving us 50 per cent will be efficient for we are the shareholders,” Bamidele said.

    Managing Director, Guaranty Trust Bank (GTB) Plc, Mr. Segun Agbaje, assured that the bank would continue to work harder to deliver better returns to shareholders.

    According to him, the board and management would continue to work hard to make sure the dividend payouts exceed expectations every year.

    Chairman, Guaranty Trust Bank (GTB) Plc, Mrs Osaretin Demuren, said the performance of the bank across all financial metrics showed the improvement in the strategic positioning of the brand.

    She noted that at the heart of the group’s strategy is a commitment to the shared future it intends to create for its customers, staff, shareholders and all the stakeholders across Africa.

    She said the growths by the group’s subsidiaries showed that the bank is consolidating its leading position in Nigeria’s financial services sector, as well as making progress in growing its business across select, high growth African markets

    “We believe that our commercial success depends on the prospects of Africa and we, in turn, play a significant role as a catalyst for her growth,” Demuren said.

    She assured that the bank is on track towards executing its strategy, achieving its vision and fulfilling its purpose.

    “Given the outlook if improving macroeconomic conditions, the bank remains resolute in taking advantage of these opportunities to growing earnings, improving profitability and delivering returns to its esteemed shareholders,” Demuren said.

    Key extracts of the audited report and accounts of GTB for the year ended December 31, 2018 showed that gross earnings rose by 3.7 per cent to N434.7billion in 2018 as against N419.2 billion in 2017. Profit before tax stood at N215.6 billion in 2018 as against N197.7 billion recorded in 2017, representing an increase of 9.1 per cent.

    Key extracts of the interim report and accounts for the first quarter ended March 31, 2019 also showed that GTB’s gross earnings inched up by 1.2 per cent to N110.33 billion in first quarter 2019 as against N108.97 billion in first quarter 2018. Profit before tax rose by 8.3 per cent from N52.62 billion to N56.98 billion. Profit after tax also rose from N44.67 billion to N49.30 billion. With these, earnings per share increased from N1.58 in first quarter 2018 to N1.74 in first quarter 2019.

     

  • Access Bank doles out more millions in savings promo

    Access Bank Plc yesterday rewarded four more winners with a prize of N1 million each under the March edition of Diamond Xtra Season 11 promo. Following the success of previous editions of Diamond Xtra savings promo, the bank had expanded the scope of the Season 11 promo, where 4,750 customers will win about N400 million in the reward scheme.

    At the presentation yesterday in Lagos, Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu, said the continuation of the promo, which was started by the former Diamond Bank, was a fulfilment of the bank’s promise to keep all those things that customers have enjoyed with the former Diamond Bank.

    He noted that with the merger between Diamond Bank and Access Bank, the savings promo would get bigger as Access Bank intends to make the product a flagship savings product in the market within the country and beyond.

    “We have kept our promise to our customer and I am sure they would reciprocate,” Etuokwu said.

    In his remarks, Head, Consumer Liability Product, Access Bank Plc, Osita Ede, said that a special draw would come up in May 2019 to celebrate the coming together of Diamond Bank and Access Bank, where 1,017 winners would emerge for various prizes, ranging from salary for life, rent for a year and education grant among other.

    One of the winners, Mrs Adeniyi Aderayo, a trader, could not hide her joy, having become a million naira richer.

    “I am really excited to be a winner. When I was called I couldn’t believe my ears since I have been operating the Diamond Xtra Saving account for three years now without winning. I wanted to quit but my account officer, Margaret encouraged me to maintain the account. I’m glad I listened to her and I’m grateful to her,” Aderayo said.

    Other winners for the March draw are Stephen Obinali, Shokunle Shakir and Chukwuemeka Edozien.

  • GTB records N57b profit in three months

    Nigeria’s most capitalised financial institution, Guaranty Trust Bank (GTB) Plc recorded a pre-tax profit of N56.98 billion in the first three months of this year as the commercial bank sustained steady growths in key performance indicators.

    Key extracts of the interim report and accounts for the first quarter ended March 31, 2019 released yesterday at the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE) showed that gross earnings inched up by 1.2 per cent to N110.33 billion in first quarter 2019 as against N108.97 billion in first quarter 2018. Profit before tax rose by 8.3 per cent from N52.62 billion to N56.98 billion. Profit after tax also rose from N44.67 billion to N49.30 billion. With these, earnings per share increased from N1.58 in first quarter 2018 to N1.74 in first quarter 2019.

    The bank’s balance sheet also improved during the period. Total assets hit N3.56 trillion while shareholders’ funds of N627.2 billion in March 2019. Customers’ deposits rose by 6.0 per cent to N2.41 trillion in March 2019 as against N2.27 trillion recorded by December 31, 2018. Loan and advances rose from N1.26 trillion in December 2018 to N1.28 trillion in March 2019.

    Further analysis indicated strong underlying strength. Non-performing loan (NPL) ratio improved from 7.30 per cent in December 2018 to 7.03 per cent in March 2019. Cost of risk stood at 0.05 per cent in March 2019 as against 0.34 per cent in December 2018. The coverage for NPL stood at 90.12 per cent while full impact capital adequacy ratio stood at 22.25 per cent. Return on equity (ROE) and Return on assets (ROA) stood at 32.79 per cent and 5.76 per cent respectively.

    Managing Director, Guaranty Trust Bank (GTB) Plc, Mr Segun Agbaje, said the performance in the first quarter was a pointer to the bank’s strategic positioning in Nigeria and other countries where it operates.

    According to him, going into 2019, the bank knew that it would be a challenging year, but its strategy and unwavering focus on delivering value for its customers and shareholders continues to underpin its 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,” Agbaje said.

    He noted that while ensuring the long-term growth of its business is the greatest value that the bank can create for its communities, it is also leveraging its 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,” Agbaje said.

    He pointed out that GTB has continued to be the leading financial institution in Nigeria in terms of profitability, efficiency and capital as evidenced by its earnings per share of N1.74, return on equity of 32.79 per cent, cost to income ratio of 38.64 per cent and capital adequacy of 22.25 per cent.

    Shareholders of GTB are meeting today to consider the financial statements and dividend recommendation for the 2018 business year.

    Guaranty Trust Bank (GTB) Plc recorded modest growths in the top-line and bottom-line in 2018 with pre-tax profit rising by 9.1 per cent to N215.6 billion in 2018. The board of the bank had recommended payment of final dividend per share of N2.45, in addition to interim dividend per share of 30 kobo, bringing total dividend per share for 2018 to N2.75.

    Key extracts of the audited report and accounts of GTB for the year ended December 31, 2018 showed that gross earnings rose by 3.7 per cent to N434.7billion in 2018 as against N419.2 billion in 2017. Profit before tax stood at N215.6 billion in 2018 as against N197.7 billion recorded in 2017, representing an increase of 9.1 per cent.