The Nation Newspaper

Tag: GTBank

  • NSE index appreciates by 0.29%

    NSE index appreciates by 0.29%

    Weekly transactions on the Nigerian Stock Exchange (NSE) opened on Monday on a positive note with the market indicators recording marginal growth due to gains by some blue chips.

    The News Agency of Nigeria (NAN) reports that the All-Share Index grew by 96.08 points or 0.29 per cent to close at 33,090.05 against the 32,993.97 posted on Friday.

    Also, the market capitalisation rose by N31 billion to close at N10.58 trillion from the N10.55 trillion recorded on Friday.

    CAP led the price gainers’ chart with N1 to close at N38 per share.

    GTBank came second on the gainers’ table with 88k to close at N25.09, while Glaxo gained 80k to close at N49 per share.

    Zenith rose by 50k to close at N19.70, while Presco garnered 47k to close at N24 per share.

    Conversely, Lafarge Wapco topped the losers’ chart, dropping N3 to close at N38 per share.

    MRS Oil trailed with a loss of N2.24 to close at N20.16 per share and was followed by Unilever with a loss of N1.70 to close at N51.30 per share.

    PZ Cussons lost N1.50 to close at N40.50, while Cement Company of Northern Nigeria dipped 90k to close at N9.60 per share.

    In all, investors staked N3.44 billion on 317.66 million shares in 4,687 deals, an increase of 24.37 per cent against the 255 million shares worth N2.53 billion traded in 4,452 deals on Friday.

    Standard Alliance Insurance emerged the most traded equity with 93 million shares worth N46.50 million traded in two deals.

    FBN Holdings trailed on the activity chart, accounting for 32.66 million shares valued at N620.71 million exchanged in 434 deals.
    Zenith Bank sold 28.62 million shares worth N559.80 million in 370 deals

  • GTBank launches social network platform

    GTBank launches social network platform

    Guaranty Trust Bank Plc (GTBank) has launched a social banking platform, which allows customers to meet their needs on Facebook. The first of its kind in the country, the paltform allows members of the public to open GTBank accounts and get customer service support on Facebook.

    Speaking with reporters, Managing Director/Chief Executive Officer of GTBank, Mr Segun Agbaje, said the bank’s objective is to engage the public where they work, live or play, adding that the new service would enable those on the social media to have a relationship and carry out transactions.

    Agbaje said: “This novel service at present allows people open GTBank accounts and get customer service support on Facebook and in a couple of weeks, we will introduce new service options that include money transfers, airtime purchases and bills payments.”

    He said GTBank’s commitment is for the convenience of its stakeholders, saying that the bank would continue to introduce value adding alternative channels in the future.

     

    He said: “ has over one million followers on Facebook; the largest for any African Bank. Additionally, the bank recently introduced GTBank Mobile Money, a highly secure application that allows customers and non GTBank customers perform transfers and payments from their mobile phones to any mobile phone subscriber within the country.

    “Furthermore, the bank’s internet banking platform is one of the most robust in the industry, supporting a wide array of service offerings that include bills payments, own and third party transfers and foreign exchange transfers to any bank account in the world,”

     

     

  • GTBank launches ‘Social Banking’ on facebook

    GTBank launches ‘Social Banking’ on facebook

    Guaranty Trust Bank plc has launched a ‘Social Banking’ service on Facebook.

    The service allows the public open GTBank accounts and gets Customer Service support on the social media platform.

    Speaking about the innovation which the first by a bank in the country, Chief Executive Officer of Guaranty Trust Bank plc; Mr. Segun Agbaje said the Bank’s objective is to engage the public where they work, live or play.

    He said the new service would enable persons on social networks like Facebook commence a banking relationship and perform transactions at anytime, safely and conveniently, without having to leave the platform.

    “This novel service presently allows people open GTBank accounts and get customer service support on Facebook and in a couple of weeks we will introduce new service options that include money transfers, airtime purchases and bills payment,” Agbaje stated.

    He further affirmed that GTBank was committed to the convenience of its stakeholders and the Bank would continue to introduce value adding alternative channels into the future.

  • GTBank sets record with N103b profit

    Guaranty Trust Bank (GTBank) Plc has strengthened its position as the pacesetting Nigerian financial institution as it achieved a record profit before tax of N103 billion during the financial year ended December 31, 2012.

    GTBank grew pre-tax profit by 66 per cent from N62.08 billion in 2011 to N103.03 billion in 2012, the highest by any bank so far. Profit after tax also rose by 69 per cent from N51.7 billion to N87.3 billion. Gross earnings grew by 22 per cent from N182.41 billion to N221.94 billion.

    The audited report and accounts for 2012, which were in compliance with the International Financial Reporting Standards (IFRS) and approved by all regulatory agencies, confirmed GTBank as the first Nigerian bank to cross the N100 billion profit before tax milestone from continuing operations at both bank and group levels. Four banks have so far released their audited reports including Zenith Bank, Sterling Bank, Access Bank and GTBank.

    Key extracts of the audited report showed that GTBank recorded impressive performance in profit and loss accounts as well as balance sheet structure and size. The bank closed the 2012 financial year with on-balance sheet size of N1.73 trillion as against N1.608 trillion in 2011 while total assets and contingents stood at N2.26 trillion compared with N2.14 trillion in 2011.

    Besides, deposit liabilities of the group grew by 12 per cent to N1.15 trillion in 2012, reflecting a decent growth of N120 billion from the N1.03 trillion recorded in 2011. The growth in customer deposits underpinned modest increase in the loan book with net loans and advances of N783.9 billion in 2012 as against N707.05 billion in 2011. Shareholders’ funds increased from N230.4 billion in 2011 to N283.4 billion in 2012.

    Further analysis showed quality growth as continuous improvement in credit risk management kept non-performing loans within the lowest rate in the industry in spite of growth in loans and advances. The proportion of non-performing loans to total loans and advances improved to 3.4 per cent compared with 3.5 per cent in 2011. Cost-to-income ratio also improved significantly to 42.7 per cent from 52.9 per cent in 2011.

    The bank’s stance as an upstanding social citizen and commitment to full disclosure was further evidenced by its 2012 tax liabilities, which came to over N16.3 billion.

    The board of GTB has recommended gross final dividend of N38.26 billion in addition to interim dividend of N7.36 billion paid earlier, bringing total dividend for the year to N45.62 billion. On per share basis, shareholders of GTB would receive a final dividend per share of N1.30 in addition to interim dividend of 25 kobo.

    Besides the cash payouts, underlying returns showed greater values for shareholders and other stakeholders. Return on equity and return on assets closed at 33.9 per cent and 5.2 per cent in 2012 as against 23.2 per cent and 3.7 per cent recorded respectively in 2011.

    Chief executive officer, Guaranty Trust Bank (GTBank) Plc, Mr. Segun Agbaje said the performance in 2012 reflected the bank’s continued adherence to a defined growth plan, high corporate governance standards and the cultural values for which it is known.

    According to him, the performance was driven by several competitive advantages including a resourceful board, an in-depth understanding of the market and the passion of GTBank employees, which have enabled the bank to grow market share and continue to avail its stakeholders with value-adding services.

  • GTBank declares N103 bn profit before tax

    GTBank declares N103 bn profit before tax

    Guaranty Trust Bank Plc has declared a profit before tax of N103bn in its audited financial results for the December 2012 financial year.

    The Group’s results released to  operators of the Nigerian Stock Exchange also show improved Gross Earnings of N221.9 billion, 66% growth in Profit Before Tax to N103 billion (2011: N66.08 billion) and 69% improvement in Profit After Tax to N87.3 billion; (2011: N51.7 billion),

    The Bank closed the 2012 financial year with an On-Balance Sheet size of N1.73 trillion (2011: N1.608 trillion) while Total Assets and Contingents stood at N2.26 trillion (2011: N2.14 trillion) representing a growth of 8% and 6% respectively.

    Further analysis shows that deposit liabilities of the Group grew by 12% to N1.15 trillion in 2012, reflecting a decent growth of N120 billion from the N1.03 trillion closing position in the corresponding period of 2011. This growth in customer deposits fueled the increase in the loan book as Net loans and Advances closed at N783.9 billion, translating to a growth of 11% over the N707.05 billion in the comparative period of 2011. Shareholders’ funds increased from N230.4 billion in 2011 to N283.4 billion in 2012.

    In terms of asset quality, the bank also impressed as Non Performing Loans (NPL) ratio stood at 3.4% compared to 3.5% in 2011, while Cost-to-Income ratio improved significantly to 42.7% from 52.9% in 2011. On the backdrop of this strong operating performance, Return on equity (ROE) and Return on Assets (ROA) closed at 33.9% and 5.2% from the 23.2% and 3.7% recorded in 2011, respectively.

    The Bank’s stance as an upstanding social citizen and commitment to full disclosure was further evidenced by its 2012 tax liabilities, which came to over N16.3 billion. The total dividend payment for the financial year is projected at N45.62 billion (N1.55 per ordinary share of 0.50 kobo each).

    Commenting on the results, Mr. Segun Agbaje, GTB’s Chief Executive Officer attributed the Bank’s success to its adherence to a defined growth plan, high corporate governance standards and the cultural values for which it is known.

    He said these factors, coupled with a resourceful board, an in-depth understanding of the market and the passion of GTBank employees have enabled the Bank grow market share and continue to avail its stakeholders with value adding services.

     

     

     

  • GTBank promotes alternative banking channels

    Guaranty Trust Bank (GTBank) has established its mobile money product as a preferred option for discerning users of alternative banking channels in the country. In a statement, the bank said its mobile money service has succeeded because of its penetration strategy and partnership with major telecoms companies.

    “The GTBank Mobile Money service is a convenient, secure and affordable way of sending money using a mobile phone. The service can be accessed by users of smart phones through the various app stores or by downloading the Mobile Money application which has been installed on the SIM card of all Etisalat subscribers irrespective of phone type,” it said.

    It said the product allows subscribers to send cash to recipients that do not have bank accounts, who then make withdrawals from any GTBank Automated Teller Machines (ATMs) nationwide. However, the recipient needs mobile phone to experience the service.

    The Managing Director of GTBank, Mr Segun Agbaje, said: “Counting on GTBank’s robust banking platform and advancement in the telecoms industry, the mobile money initiative has gone a step further in bringing banking services closer to the population – especially the unbanked who are more likely to have a mobile phone than a bank account.”

     

     

  • GTBank sells GTB Registrars

    Guaranty Trust Bank (GTBank) Plc might have concluded the sale of GTB Registrars, its share registration and management subsidiary, as the bank continues with the divestment from its non-core banking subsidiaries.

    A source close to the bank said it has concluded the sale of GTB Registrars, bringing to three subsidiaries that have been sold in furtherance of the decision of the bank to remain a commercial bank.

    CBN’s Scope of Banking Activities and Ancillary Matters No 3, 2010 requires banks to concentrate on core banking functions. The new model requires banks to either sell non-core banking businesses or form a holding company to hold such non-core banking businesses, including activities, such as insurance, asset management and capital market operations.

    Most banks including GTBank, Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Skye Bank Plc, Sterling Bank, Zenith Bank, Unity Bank and Wema Bank have chosen to divest from non-banking subsidiaries.

    GTB Registrars acts as registrar for GTBank Plc, Mansard Insurance Plc, and GTHomes Ltd. It manages over 400,000 shareholder accounts.

    The share registration firm prides itself as a customer excellence company.

    “Whether providing registration services or handling a specific corporate action project, we work in partnership with our clients and their advisers to understand their requirements and deliver innovative solutions in an effective and efficient manner,” it stated on its corporate information portal.

    GTBank had earlier sold its insurance subsidiary- Guaranty Trust Assurance, which changed its name to Mansard Insurance.

    GTBank’s former wealth and investment management subsidiary, GTB Asset Management (GTBAM) Limited, at the weekend changed its name to Investment One Financial Services Limited following the sale of the investment firm through a management buy out.

    Although the value of disposed GTB Registrars was not available, the source said the bank sold the share registration and management business at a competitive price.

    According to the source, GTBank places emphasis on sustainability of reputation of its erstwhile subsidiaries as providers of excellent services in its consideration of potential buyers. It also seeks to extract the best values from the disposal of assets.

    GTBank had received N11.91 billion from the sale of its majority equity stake in GTAssur. It sold 67.68 per cent equity stake in GTAssur to Assur Africa Holding (AAH). The shares were sold at a price of N1.76 per share for a total consideration of N11.910 billion, approximately $76 million.

    In confirmation of the completion of the deal, a total of 6.77 billion shares of GTAssur worth N11.91 billion were exchanged in 17 deals on the Nigerian Stock Exchange (NSE). GTAssur paid up share capital consists of 10 billion shares of 50 kobo each.

    With GTAssur market price then at N1.32, the selling price represented a premium to GTBank and also indicated that the deal recognised that GTAssur was undervalued by the interplay of market forces at the secondary market.

    AAH was incorporated in the Republic of Mauritius as a special purpose vehicle incorporated for the GTAssur acquisition.The shareholding structure of AAH is made up of six members comprising three international developmental finance institutions – DEG (Germany), Proparco (France) and FMO (Netherlands) and three private equity funds with substantial investments across Africa – ADP I Holding 7, subsidiary of African Development Partners I, LLC and ADP I L.P. (together “ADP I”), advised by Development Partners International LLP (“DPI”) based in the United Kingdom, AfricInvest II LLC and AfricInvest Financial Sector Limited, both advised by AfricInvest Capital Partners (“ACP”) based in Tunisia.