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Tag: GTB

  • Haba Nipco, 40k for 20k petrol! (1)

    Haba Nipco, 40k for 20k petrol! (1)

    It has been over three months since the transaction. It was on January 15 that I went to Nipco filling station at Arepo, off the Lagos-Ibadan Express road to buy petrol. I paid with my ATM card, but the transaction was declined. Nevertheless, I was debited for the failed transaction. On the second attempt, the transaction went through. It was not the first time I was experiencing such at a filling station. I was sure I would get my money back once I went to complain formally at my bank since such disputes are usually resolved inter-bank.

    I took my case to my bank and GTB did all it could to help. It sent my complaint to UBA, Nipco’s bank. UBA said its customer got value for the transaction, meaning that Nipco was credited with my first N20000 for which I, the retail outlet’s customer, never got value for. I was debited for the transaction yet Nipco declined to serve me petrol until I paid another N20000.

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    So, I paid N40000 for a N20000 transaction. Despite all efforts to get my money back, Nipco and its bank keep proving difficult. I have tried all peaceful means to resolve this matter to no avail. I have tendered everything I got from GTB to support my complaint but Nipco and UBA seem not interested in all the documents. What Nipco is particular about is the POS printout of the failed transaction which I have since misplaced. It is not interested in other supporting documents to my claim provided by GTB.

    It sounds illogical that a ‘dispense error dispute’, as they call it cannot be resolved just because of a missing printout of the failed transaction, despite all the available backups provided by GTB.

  • N17.8b debt:  GTB gets nod to seize Afex assets

    N17.8b debt:  GTB gets nod to seize Afex assets

    Federal High Court sitting in Lagos has authorised Guaranty Trust Bank to temporarily take over funds and assets of Afex Commodities Exchange following its N17,808,452,467.107 Central Bank of Nigeria (CBN) Anchor Borrowers’ Loan debt.

    Justice Chukwujekwu Aneke granted the bank an interim Global Standing Instruction (GSI) injunctive relief, following its application on May 27.

    The judge made the order after hearing an ex-parte motion filed and moved by the bank’s counsel, Chief A.A. Aribisala (SAN), Ade Adedeji (SAN), with A.O. Olaleye and M.A. Aribisala.

    The debt comprises “N15,766,475,417.06 as amount outstanding and unpaid, as of April 17, on the loan facilities (with accrued interest) granted by plaintiff to defendant.

    “Pre-judgement interest on the N15,766,475,417.06 at prevailing rediscount rate of 28 per cent yearly approved by CBN from April 18 when the plaintiff’s letter of demand dated April 17 was delivered to the defendant until judgment is delivered in this suit.

    “Post-judgement interest on the N15,766,475,417.06” and “cost of recovery and incidental expenses in the sum of N2,041,977,050.047.”

    GTBank is sole plaintiff/applicant in the suit FHC/L/CS/911/2024, with Afex as defendant/respondent, while 27 commercial banks and money deposit banks were listed as nominal respondents.

    The plaintiff averred via a 285-page affidavit deposed to by its official, Ifeoma Esemudje, that tenor of the facility was nine months, intended to finance smallholder farmers registered under CBN Anchor Borrower’s programme.

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    The source of the repayment was to come from sale of the maize produced while maturity date for the loan was April 22, 2021.

    But, the plaintiff said the defendant did not fulfil the deal.

    The plaintiff, through its lawyers, approached the court for interim GSI injunctive relief.

    GSI, launched in July 2020, by banks and CBN, authorises a creditor bank to recover its debt from any or other accounts held by the debtor with other financial institutions in case of default by the debtor.

    Before GSI, defaulting borrowers were able to maintain their balances in other institutions, even if those balances could repay their debt.

    Granting GTBank’s prayer, Justice Aneke ordered a “Place a No Debit” on money standing to the credit of Afex as of the day the order was served on 1st to 28th respondent banks.

  • GTB, Resourcery partner on Tier III certification

    GTBank’s data centre, built with support of its technical partner, Resourcery Plc, has achieved Uptime Institute Tier III Design Certification.

    The centre, the first in the Africa to  accomplish this feat.

    Resourcery worked with the bank, its architects and structural engineers to design and implement the technologies within the stand-alone data centre.

    Uptime Institute is the global data centre authority, the most trusted and adopted standard for design, build and operation of data centres, the backbone of the digital economy.

    The Central Bank of Nigeria (CBN) stipulates that  data centre infrastructure and facilities for financial institutions shall satisfy the requirements for Uptime Institute Tier III design and construction.

    This directive requires that all commercial banks design, implement and manage a Tier III Data Center infrastructure to enhance the capacity, cost effectiveness and efficiency of banking services in line with best global practices.

    Solutions Manager, Network Infrastructure at Resourcery Plc, Tunde Eso, said as  a leading system integration firm in West Africa, the firm  offeres cutting edge IT solutions. “Indeed, we are glad to have provided GTBank with the Uptime Institute Tier III Design Award and the technical support required to achieve certification of their data centre facility,” he said.

    Head, Sales & Business for Resourcery Plc, Angela Chike-Dike, also said:  “Resourcery Plc is delighted with the milestone achievement of GTBank as the first Nigerian commercial bank to privately own a Uptime Institute Certified Tier III Design Data Center facility.”

     

     

  • 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.

     

  • 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.

  • GTB congratulates Buhari on re-election

    The Guaranty Trust Bank (GTB) has congratulated President Muhammadu Buhari on the renewal of his mandate by the electorate.

    This was contained in a letter addressed to the President and signed by the Chief Executive Officer, Segun Agbaje, on behalf of the Board, Management and Staff of the bank, reads inter alia:

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    He said; “Your re-election rewards a tireless commitment to serving the Nigerian people. It is also the greatest achievement of an exceptional campaign that demonstrated the strength and maturity of Nigeria’s democracy to the entire world.

    “In re-electing you as President, the Nigerian people have embraced change, hope and confidence in your leadership. Undoubtedly, the trust placed in you for the second time by the citizenry will be a source of great inspiration to continue the good work which will steer Nigeria firmly on the path of development,” he added.

    The bank also wished President Buhari continued success.

  • GTB records N215.6b profit in 2018

    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.

    Key extracts of the audited report and accounts of GTB for the year ended December 31, 2018 released yesterday at the Nigerian Stock Exchange (NSE) 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.

    The board of the bank has 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.

    Further analysis showed that the bank’s customer deposits increased by 10.3 per cent from N2.062 trillion to N2.274 trillion. However, loan book dipped by 12.9 per cent from N1.449 trillion in 2017 to N1.262 trillion in 2018. Total assets stood at N3.287 trillion while shareholders’ funds totalled N575.6 billion in 2018. In terms of assets quality, non-performing loan (NPL) ratio and cost of risk improved to 7.3 per cent and 0.3 per cent in 2018 compared with 7.7 per cent and 0.8 per cent recorded respectively in 2017. Coverage ratio for NPL stood at 105.1 per cent while capital adequacy ratio closed at 23.4 per cent despite the implementation of IFRS 9.

    Managing Director, Guaranty Trust Bank Plc, Mr Segun Agbaje, said the results reflected the success of the bank’s focus on staying nimble, strengthening customer relationships and driving digital-first strategy.

    According to him, the bank successfully navigated the pressures of challenging and radically changing business environment as it recorded growth across key financial indices while reaffirming its position as one of the best performing and well managed financial institutions in Africa.

    “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,” Agbaje said.

  • GTB launches music platform Habari

    Guaranty Trust Bank has launched Habari, an online platform for music streaming, shopping, socializing and other services.

    The all-round mobile application was unveiled last Friday in Lagos.

    Habari is the first mobile platform in Nigeria created by a financial institution that focuses on enabling people’s needs and lifestyles rather than providing a limited bouquet of regular banking products. The application is open and free for all to download, does not require mobile banking details and offers a wide range of services, all of which are accessible to anyone regardless of where they choose to bank.

    Among services available on Habari are its catalogue of local and foreign music, the largest ever in Nigeria, carefully curated videos that range from short engaging self-help kits to captivating full-length movies, and books that cut across all literary genres. Habari also offers an end-to-end shopping experience that allows users buy goods and services directly from over 10,000 small businesses.

    Presenting the app, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, stated that; “By reimagining the role of banking and driving innovation in how we serve customers, we have built a platform that is less about us as bank and more about our customers and everything they need to enable their lifestyle.”

    He added that “Habari is not a mobile banking application; it is the start of our journey towards building a platform that connects our customers to everything that they need, and which continues to evolve with their lifestyle. We are excited about this journey and we are confident that our customers will see in Habari a simple, smart and exciting digital experience that adds value to their lives, every day.”

    GTB has created other innovative platform including Ndani, SME Market Hub, Art 635 and GTWorld.

  • GTB in N6.18b off-market shares deal

    Five deals were struck for the transfer of about one per cent equity stake in Guaranty Trust Bank (GTBank) Plc in an off-market deal valued at about N6.18 billion. GTBank is Nigeria’s largest financial services institution and the third largest quoted company in Nigeria.

    Transaction report obtained by The Nation indicated that about 193.06 million ordinary shares of 50 kobo each of GTBank were traded in five cross deals at N32 per share. The deals were consummated through the negotiated cross deals window of the Nigerian Stock Exchange (NSE).

    The transaction price of N32 represented a discount of about 7.78 per cent from the bank’s closing share price of N34.70 per share at the consummation of the deals.

    The transaction volume represented to 0.66 per cent of GTBank’s outstanding shares of 29.43 billion ordinary shares of 50 kobo each.

    As an off-market, negotiated cross deal, it means that the deal was not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    GTBank recorded steady growths in the top-line and bottom-line in the first half of this year with profit before tax rising to N109.6 billion within the period. The bank paid N8.83 billion as interim dividend for the first half of 2018, representing a dividend per share of 30 kobo.

    Key extracts of the audited report and accounts of GTB for the six-month period ended June 30, 2018 showed that gross earnings rose by 5.9 per cent to N226.6billion in first half 2018 as against N214.1billion reported in comparable period of 2017. Profit before tax stood also rose by 8.4 per cent from N101.1 billion to N109.6 billion.

    The balance sheet showed that customers’ deposit grew by 10 per cent N2.269 trillion by June 2018 as against N2.062 trillion recorded at the beginning of the year. Total assets rose by 5.9 per cent to N3.549 trillion in June 2018 while shareholders funds stood at N497.1Billion. Assets quality improved as non-performing loan ratio improved to 5.8 per cent by June 2018 from 7.7 per cent in December 2017.

  • GTB posts N109.6b profit in six months

    Nigeria’s largest financial institution and the third most capitalised quoted company, Guaranty Trust Bank (GTB) Plc recorded steady growths in the top-line and bottom-line in the first half with profit before tax rising to N109.6 billion within the period.

    The board of the bank has announced that N8.83 billion would be distributed to shareholders as interim dividend for the first half of 2018, representing a dividend per share of 30 kobo.

    Key extracts of the audited report and accounts of GTB for the six-month period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed that gross earnings rose by 5.9 per cent to N226.6billion in first half 2018 as against N214.1billion reported in comparable period of 2017. Profit before tax stood also rose by 8.4 per cent from N101.1 billion to N109.6 billion.

    The balance sheet showed that customers’ deposit grew by 10 per cent N2.269 trillion by June 2018 as against N2.062 trillion recorded at the beginning of the year. Total assets rose by 5.9 per cent to N3.549 trillion in June 2018 while shareholders funds stood at N497.1Billion. Assets quality improved as non-performing loan ratio improved to 5.8 per cent by June 2018 from 7.7 per cent in December 2017.

    Managing Director, Guaranty Trust Bank Plc, Mr. Segun Agbaje, described the first half results as decent results noting that in spite of declining yields and the challenges in the operating environment, the bank has maintained its steady growth.

    “The quality of this result is built on the strength of our businesses as well as the success of our digital-first customer-centric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives,” Agbaje said.

    He assured that the bank will continue to focus on consolidating its leading position in all the economies in which it operates by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with its customers and creating business platforms that provide them with additional benefits beyond banking.