Nigeria’s Guaranty Trust Bank expects to grow its loan book by 10 per cent by the end of the year after credit declined in the first half, it said last week.
Loans fell by 11 per cent in the six months to June following a 9 per cent decline last year, the bank said in a call with analysts. Chief Executive Segun Agbaje said the bank would take $700 million to $800 million out of its placements with foreign banks and deploy that into loans.
Activities on the Nigerian Stock Exchange ( NSE ) closed in red on Wednesday with a loss of 0.54 per cent in spite of dividends declared by Zenith Bank and GT Bank.
Zenith International Bank and GT Bank had announced dividends of N2.45 and N2.40 per share respectively for the financial year ended Dec. 31, 2017.
In spite of the corporate actions, the market capitalisation dipped N83 billion or 0.54 per cent to close at N15.325 trillion against N15.408 trillion.
Also, the All-Share Index which opened at 43,073.45 lost 233.93 points or 0.54 per cent to close at 42,839.52, amid loses by some highly capitalised equities.
A breakdown of the losers’ chart indicated that Nestle topped the table with a loss of N20 to close at N1, 380 per share.
Total trailed with a loss of N3 to close at N246, while Dangote Sugar Refinery declined by N1.10 to close at N21.20 per share.
Cadbury shed 85k to close at N17.10 while NASCON and Allied Industries lost 70k to close at N21.30 per share.
Conversely, Nigerian Breweries recorded the highest gain, appreciating by 90k to close at N130.90 per share.
Stanbic IBTC followed with a gain of 55k to close at N49.15, while Dangote Cement increased by 40k to close at N268.80 per share.
Fidson Healthcare added 24k to close at N5.14, while UAC property advanced by 15k to close at N3.15 per share.
Similarly, the volume of shares transacted dropped by 8.44 per cent as investors bought and sold 373.52 million shares valued at N6.85 billion achieved in 5,220 deals.
This was against the 407.96 million shares worth N6.12 billion transacted in 5,247 deals on Tuesday.
The financial service sector remained the toast of investors with Fidelity Bank emerging the most active, accounting for 45.80 million shares worth N131.49 million.
Zenith International Bank followed with 36.34 million shares valued at N1.11 billion, while FBN Holdings sold 34.11 million shares worth N388.95 million.
Mansard Insurance traded 25.26 million shares valued at N69.73 million, while FCMB Group accounted for 25 million shares worth N63.34 million.
NAN
Guaranty Trust Bank on Wednesday posted a profit before tax of N165. 14 billion for the financial year ended December. 31, 2016.
The profit represented a growth of 37 per cent when compared to N120.69 billion recorded in the corresponding period of 2015.
A statement issued by the bank in Lagos said the bank’s gross earnings for the review period grew by 37 per cent to N414.62 billion from N301.85 billion reported in December 2015.
The statement said the earnings were driven primarily by growth in interest income as well as foreign exchange income.
The bank’s loan book grew by 16 per cent to N1.59 trillion from N1.37 trillion achieved in the preceding year, while total deposits increased by 29 per cent to ₦2.11 trillion from N1.637 trillion in 2015.
It said that the bank’s balance sheet remained strong with a 19.7 per cent growth in total assets and contingents as the bank closed the year with total assets and contingents of N3.70 trillion and shareholders’ funds of N504.9 billion.
According to the statement, the bank is proposing a final dividend of N1.75 per unit of ordinary share held by shareholders.
This is in addition to interim dividend of 25k per unit of ordinary share bringing total dividend for 2016 financial year to N2 per share.
The statement quoted Mr Segun Agbaje, the bank’s Managing Director, as saying “the financial performance in 2016 demonstrated the fundamental strength of its business to deliver sustainable long-term growth’’.
Agbaje stated that the bank successfully navigated the heightened economic uncertainty and regulatory headwinds which dominated the year to deliver a solid performance across all financial and non-financial indices.
“We are transforming our organisation into a platform for enriching lives by positioning ourselves at the centre of an extended ecosystem that offers our stakeholders benefits beyond banking.
“We also remain committed to maximising shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity,’’ he stated.
Agbaje said that the bank enshrined its position as a clear leader in the industry and in recognition of its innovation and hard work, it received more than 20 international awards in 2016. (NAN)
GT Bank, Jumia, Konga and other online platforms from different sectors of the internet economy have won awards in over 30 categories in the country’s economic landscape.
The awards, which was organised by American Internet Business School in collaboration with Afrinet Business Solutions in Abuja was aimed at honouring people and organisations that have distinguished themselves in setting an admirable standard for the Nigeria online market growth; the movers and shakers of the Nigeria dotcom economy.
Chairman/Chief Executive Officer of Afrinet Business Solutions, Dr. Ope Banwo, said: “We feel that one of the ways to develop internet business in Africa is to start to recognise people who are doing great in internet business. So we organised the first dot.com awards in Africa tagged the Nigeria dot.com awards.
“The ceremony was designed to recognise the firms that have made great contributions to the growth of the Nigerian economy.”
Linda Ikeji won the best entertainment and gossip blog, VoguePay won the best internet payment platform, GTB bank won the award for the best bank on the platform while the Lagos State government won the award for the Best use of Internet by State Government.
VoguePay’s Director of Compliance and Marketing, Geoffrey Weli Wosu said: “This initiative is commendable and we are honoured to receive this recognition from Afrinet Business Solutions and American Internet Business School.”
The Director of Administration and Management for VoguePay, Ojikutu Quam described the award won by the payment processor as a reflection of the company’s dedication to delivering immaculate service to its merchants; promising that next year will be more exciting as the firm prepares to break the barriers of payment processing. “We will bring even greater dimensions to making and receiving payments for goods and services online in Nigeria,” he stated.
SIR: This is calling on the Guarantee Trust Bank (GT Bank) Plc and First Bank of Nigeria Plc to refund my money lost to the Automated Teller Machine (ATM) of First Bank in Ile-Ife. I have a bank account with GT Bank. On Wednesday, August 18, I made a withdrawal from the First Bank ATM at Lagere, Ile-Ife, due to inaccessibility to GT Bank ATM, where my account is domiciled. Unfortunately, the ATM did not dispense cash for me, on two attempts. Meanwhile, my account was immediately debited with N40, 000 cash I did not get; even before I could retrieve my Debit Card from the bank ATM.
This happened on a Public Holiday (Isese Day – Traditionalists’ Day) declared by Osun State government. This made in impossible to immediately lodge a complaint to either GT Bank or First Bank.
I have since lodged complaint with my bank, GT Bank, but the response is worrying. While, on the basis of constant pressure and after much delay, half of the money was remitted, the delay tactics being used by the GT Bank and First Bank, over the remaining N20, 000 (twenty thousand naira) shows desperate attempt to rip me off of the remaining money. Moreover, the caveat given by the staff that if my money is not refunded within eight working days, it will take eternity to correct the error is discomforting for me. It is already over three weeks since the issue occurred, with my bank not showing any further interest in remitting my money. I have lodged several complaint at the local branch of the bank, and through the customer service channels of the bank, meeting only cold responses.
I find it very disturbing that a bank that is supposed to protect my account, but failed to do so, will feel uninterested in correcting its lapses, rather, will allow my hard-earned money to be played with anyhow. I suppose as a corporate organization, banks have responsibility towards customers and clients. Unfortunately, they seem to relish the pains customers go through. What if the only money I have is the money these banks are trying to rip me off of?
This development, which of course many Nigerians face daily, has cast a serious doubt over the feasibility of the cashless policy. If big banks can be found wanting in protecting customers’ accounts in only ATMs, what will happen when there is proliferation of POS machines, where there will be higher volumes of transactions.
I call on GT Bank and First Bank to immediately refund my money without delay.
Ile-Ife, Osun State.
SINCE her husband, Segun Agbaje, became Managing Director of GT Bank Plc, Derin has left no one in doubt that she greatly complements his towering corporate status. The better half of the bank chief also takes time to rock the social scene. Blessed with a gait and poise, she is savouring the delight of owambe and corporate events. She has now become a permanent fixture in top-rate social gatherings. Despite this, she has continued to prove that behind every successful man, there lies a certain woman of steel.