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Tag: Guaranty Trust Bank Plc

  • GTB unveils Habari

    Guaranty Trust Bank plc, has announced the launch of Habari, Nigeria’s largest platform for music, shopping, lifestyle content and more. Unveiled at the weekend, at a special event attended by renowned personalities in the entertainment, media and technology sectors, Habari offers users direct access to the largest catalogue of local and foreign music online, a seamless shopping experience and an exciting way to connect with friends, amongst other features.

    Built around the everyday lives of customers, 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 mobile 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 the exciting 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.

    Commenting on the launch of Habari, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “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 further stated 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.”

  • GTBank: Innoson admits misleading public on N14b court ruling

    Innoson Vehicles Manufacturing (IVM) has accepted that it erred on information concerning the recent judgment delivered by the Supreme Court between the company and Guaranty Trust Bank Plc (GTBank).

    Admitting the error on the company’s official twitter handle, @Innosonvehicles, the company blamed the “error” on the staff of the agency managing its social media accounts.

    Last week Thursday, Innoson caused a social and online media storm by falsely claiming that the Supreme Court had ruled in his favour for GTBank to pay him N14 billion in 14 days. However, original records of the court proceedings showed no such ruling. GTBank had also advised the public that Innoson’s claims were false, mischievous and malicious.

    As facts on ground became clear very quickly, Innoson first of all moved to delete his declaration on social media that the apex court has ordered GTBank to pay him N14 billion within 14 days.

    Read Also: Court declares Innoson wanted for fraud

    As facts became clearer to the public, the embattled businessman silently deleted the false tweet from the company’s Twitter account. GTBank had also advised the public that Innoson’s claims were “false, mischievous and malicious”, emphasizing that there was no directive or order issued by the Supreme Court of Nigeria to the bank to make any payment to any of its debtor customers, calling for Nigerians to disregard the statement in its entirety.

    “The management of Innoson Vehicles Manufacturing want to bring to the attention of the public to the caption: Supreme Court Orders @gtbank to pay 14b to Innoson made on its official twitter handle @Innosonvehicles,” the company stated.

    Continuing, it said: “The caption was a slight distortion of the information. When the information came to our notice, we had to correct the error made by the staff of the agency managing our social media accounts. We apologise for that misleading information.”

    GTBank had also advised the public that Innoson’s claims were “false, mischievous and malicious”, emphasizing that there was no directive or order issued by the Supreme Court of Nigeria to the Bank to make any payment to any of its debtor customers, calling for Nigerians to disregard the statement in its entirety.

  • GTBank launches Dusty Manuscript contest

    GTBank launches Dusty Manuscript contest

    Guaranty Trust Bank Plc has launched the Dusty Manuscript contest to give budding writers the opportunity to win publishing deals for their finished but yet-to-be published manuscripts. The contest, which is organised in partnership with publishing houses Okadabooks and Farafina, is part of the bank’s YouREAD imitative aimed at promoting reading culture. Manuscripts can be submitted via www.csr.gtbank.com. Deadline forentries is March 31

    First prize winner will get N1m, while second and third prize winners will get 500,000 and 250,000 naira respectively. Apart from cash prizes, the top 3 entries will be rewarded with publishing contracts with Farafina while the top ten entries will get their books e-published by Okadabooks including book cover design, book editing and publicity. Also, the top 25 book authors will get a two-day boot camp training on writing, marketing and branding.

    The contest is open to all Nigerian writers with unpublished manuscripts on general fiction that includes African stories on romance and fantasy. With Dusty manuscript contest, the bank is seeking to address the challenges indigenous writers are face getting their books published. Entries will be screened to 1000 from which 25 will be selected by a four-man panel of judges that comprises of Dr. Eghosa Imasuen (author of Fine Boys, Yejide Kilanko (a poet and therapist in children’s mental health), Dr. Ainehi Edoro-Glines (Assistant professor of English) and Toni Kan, a writer and PR executive.

    Managing Director Guaranty Trust Bank Plc, Mr Segun Agbaje said that ‘at GTBank we see art as not just a medium for creative expression but also as a means of livelihood, and by organizing the Dusty manuscript contest we are helping budding writers make a living off their works.’ He noted that by addressing the major barrier that ‘our indigenous writers face in sharing their stories with the world, we hope to inspire and develop the next generation of award-winning and globally renowned authors’

    Okechukwu Ofili of Okadabooks said that Nigerians are starving for knowledge and books, adding that with Guaranty Trust Bank and Farafina partnership, the literary space will be better off.

  • GTBank gets double honors at Euromoney Awards

    GTBank gets double honors at Euromoney Awards

    ….. Wins Nigeria’s Best Bank & Africa’s Best Bank for SMEs

    Foremost African financial institution; Guaranty Trust Bank plc reaffirmed its position as a leading global brand with its recent recognition as ‘Nigeria’s Best Bank  & Africa’s Best Bank for SMEs’ during the 2017 Euromoney Awards which held in London on Thursday, July 06, 2017 at the prestigious Tower of London.

    Now in its 26th year, the Euromoney Awards for Excellence covers more than 20 global product categories, best-in-class awards and the best Banks in over 100 countries around the world by recognizing institutions that have demonstrated leadership, innovation, and momentum in the markets they operate. In selecting its recipients, Euromoney combines quantitative and qualitative data to honor institutions that have brought the highest levels of service, innovation and expertise to their customers.

    According to Mr. Clive Horwood, Euromoney Magazine’s Editor, “Nigeria went through a difficult year, as low oil prices and capital flight continued to hurt the country’s economy. Many banks struggled as a result of this but GTBank remained strong, recording significant and enviable financial and non-financial performance. According to him, the bank’s digital transformation drive has been very successful as it has enabled the bank to deepen financial inclusion across Africa with its array of tailor-made digital solutions that has made banking simpler and more accessible.

    Commenting on the award, Segun Agbaje, Managing Director/CEO of GTBank said: “We are honored to win the Best Bank in Nigeria award a record eight times and to be recognized as Africa’s Best Bank for SMEs. These awards reflect our progress in building strong, value adding relationships with our customers whilst positioning the bank as the financial institution for Small and Medium Enterprises through our creation of free business platforms that are geared towards promoting enterprise in key economic sectors.”

    We remain committed to maximizing shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.

    GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand 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.

  • GTBank releases 2016 full year audited results

    GTBank releases 2016 full year audited results

      …Reports Profit before Tax of ₦165.14Billion 

    Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2016 to the Nigerian and London Stock Exchanges.

    A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Gross earnings for the period grew by 37% to ₦414.62billion from ₦301.85billion reported in the December 2015; driven primarily by growth in interest income as well as foreign exchange income. Profit before tax stood at ₦165.14billion, representing a growth of 37% over ₦120.69billion recorded in the corresponding period of December 2015.The Bank’s loan book grew by 16% from ₦1.373trillion recorded as at December 2015 to ₦1.590trillion in December 2016 with corresponding growth in total deposits which increased by 29% to ₦2.111trillion from ₦1.637trillion in December 2015.

    The Bank’s balance sheet remained strong with a 19.7% growth in Total assets and Contingents as the Bank closed the year ended December 2016 with Total Assets and Contingents of ₦3.70trillion and Shareholders’ Funds of ₦504.9Billion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.66% (Bank: 3.29%) with adequate coverage of 131.79% (Bank: 150.80%). Increase in collective impairment was borne out of the prudent stance of the Bank, while Capital remains strong with CAR of 19.79%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.96% and 5.85% respectively. The Bank is proposing final dividend of 175k per unit of ordinary share held by shareholders in addition to interim dividend of 25k per unit of ordinary share bringing total dividend for 2016 financial year to ₦2 per unit of ordinary share.

    Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said that “The Bank’s financial performance in 2016, does not only reflect the resilience of our franchise, it demonstrates the fundamental strength of our businesses to deliver sustainable long-term growth. We 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.

    He further stated that “We are transforming our organization 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. 

    GTBank has continued to report the best financial ratios for a Financial Institution in the industry as revealed by its return on equity (ROE) of 35.96% and cost to income ratio of 40.76% evidencing the efficient management of assets and operational efficiency. Overall, the Bank has enshrined its position as a clear leader in the industry. In recognition of its innovation and hard work, the Bank received over 20 international awards in 2016.

  • Winner of GTBank Porsche 911 Giveaway Draw Opts For Cash Equivalent

    Winner of GTBank Porsche 911 Giveaway Draw Opts For Cash Equivalent

    The winner of the Porsche 911 Giveaway Draw organised by leading African Financial Institution, Guaranty Trust Bank plc, has opted for the cash equivalent of his Porsche 911 Carrera reward.

    Abdulkareem Buhari, a 30-year old trader in Kaduna, was announced as winner of the GTBank Porsche 911 Giveaway Draw after a raffle draw held on Wednesday, December 15, 2016 at the Corporate Head Office of the Bank. Following his preference of a cash equivalent, the Bank presented Abdulkareem with a cheque.

    The GTBank Porsche 911 Giveaway is part of the Bank’s Platinum rewards for its Platinum Banking Customers, a niche segment that enjoys premium products and dedicated services such as access to personal banking lounges, fast track banking services, Platinum MasterCards and specialized Credit Facilities as well as higher transaction limits on alternative channels.

    “The GTBank Porsche 911 Giveaway Draw is our special way of expressing our gratitude to our customers for making our success possible,” said Mr. Agbaje in December, 2016. He further stated that, “As a bank that is committed to creating memorable experiences, we are excited at how happy we have made one of our loyal customers.”

    GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand 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.

  • GTBank – Principals Cup Season 8 kicks off

    GTBank – Principals Cup Season 8 kicks off

    Foremost African Financial Institution, Guaranty Trust Bank plc, has announced the commencement of Season 8 of the GTBank Principals’ Cup.

    For the past 7 years, GTBank has continued to promote grassroots football through the organization of the prestigious Principals Cup competition, which is one of the largest grassroots competition in Africa. The Guaranty Trust Bank plc sponsored tournament, which is aimed at actively engaging secondary school students through sports whilst promoting the values of excellence and fair play, provides a platform for identifying, nurturing, grooming young and talented players and also helping students work towards their dream of being world class footballers.

    Season 7 of the Principals Cup produced an exhilarating encounter with over 360 teams competing to be the ultimate champions of the prestigious tournament. In the boys’ category, Dairy Farm Senior Secondary School completed a hatrick of championships (after winning in 2012 & 2014) and became the first team to permanently retain the trophy while Ikotun Senior High School held unto the cup in the girls’ category. About 370 schools comprising of girls and boys from various secondary schools in Lagos State will compete in the 2017 edition (Season 8) of the Principals Cups competition.

    While commenting on the importance of education in nation building, Mr. Segun Agbaje, Managing Director, GTBank said that “Sports and education are fundamental in fostering camaraderie and discipline amongst youths and imperative to their development. We are therefore proud to be pioneers of this initiative that provides an avenue for students to showcase their talents and passion for the game of football whilst staying in school”.  He further stated that “At GTBank, we will continue to invest massively in youth development through education and sports in order to help more youth people actualize their dreams.

    Over the years, the GTBank Principals Cup has launched the professional careers of several talented players. In 2015, Yetunde Fajobi joined the Nigeria U17 Female Team – The Flamingos- having played in the 2014 edition, where she powered her school, Government Secondary School Agege to victory and emerged the most valuable player of the 2014 season. 2012 MVP Steven Odey also joined the MFM FC in the Nigerian Professional League in 2016, and now in his second season, he scored the first hatrick in the season and is currently the highest goal scorer.

    Guaranty Trust Bank, a youth oriented brand maintains the lead in providing support for education and sports to enable young boys and girls explore their talents and reach for their dreams. It is one of the few Nigerian financial institutions that have maintained a defined Corporate Social Responsibility (CSR) strategy, most especially in sports education. The Bank actively supports in-classroom and out-of-classroom educational programmes, infrastructure development, students’ scholarship and teachers training across Africa.

  • GTBank bags best corporate governance award

    GTBank bags best corporate governance award

    Guaranty Trust Bank Plc, has been awarded ‘Best Corporate Governance, Africa’, in the Financial services category at the 2017 Corporate Governance Awards.

    The event, organized by the Ethical Boardroom Magazine, recognizes outstanding companies who have exhibited exceptional leadership in the area of governance and professional ethics.

    According to Spenser Cameron, the Managing Editor of Ethical Boardroom: “Deciding upon which African financial services company had scooped the top prize for 2017 was a hard task, considering all the final nominees had excelled and over-achieved in their governance practices over the last twelve months, however, there could only be one winner and that was Nigeria’s very own Guaranty Trust Bank. The West African banking powerhouse has shown the rest of Africa how it’s done by continually placing ethics and integrity at the heart of its business, whilst creating long term value for its stakeholders”

    Commenting on the award, Mr Segun Agbaje, Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, said; “We are delighted to be recognized as the Best Bank in Africa for Corporate Governance by a globally renowned and well respected magazine. This award is an affirmation of the Bank’s strict adherence to the values of professionalism, quality service delivery and internationally accepted corporate governance standards, which have enabled us, create an oasis in the African banking industry.

    Agbaje further stated that, “Our ardent commitment to global best practices and standards has seen us emerge the first Nigerian Bank to fully implement all ISO certifications namely; ISO/IEC 27001- for Information Security, ISO 20000 – for IT Service Management and ISO 22301 – for Business Continuity Management and PAS 99:2012 Integrated Management System certification by the British Standard Institute (BSI). Presently, the Bank has the best credit rating assigned to any Nigerian Bank by both local and international rating agencies (B/stable by Standard & Poor’s and B+ by Fitch Rating), which further attest to our adherence to international best practices and standards.

    “As an institution publicly quoted both on the Nigerian and London Stock Exchange, GTBank ensures compliance with the Code of Corporate Governance for Public Companies issued by the Securities and Exchange Commission (‘the SEC Code’), the Code of Corporate Governance for Banks in Nigeria Post Consolidation issued by the Central Bank of Nigeria (‘the CBN Code’), as well as disclosure requirements under the Disclosure and Transparency Rules of the Financial Services Authority (FSA) in the United Kingdom, which are applicable to non-UK companies with GDRs listed on the London Stock Exchange.”

     

  • Fitch affirms eight banks, downgrades one

    Fitch affirms eight banks, downgrades one

    Fitch Ratings yesterday affirmed the Long-term Issuer Default Ratings (IDR) of Zenith Bank Plc , First Bank, United Bank for Africa Plc, Guaranty Trust Bank Plc , Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc and the Long-term National Ratings of Stanbic IBTC Bank Plc.

    Reuters report said the agency has downgraded Union Bank Plc’s Long-term IDR due to a change in Fitch’s opinion of the bank’s systemic importance relative to peers. Union’s Support Rating Floor (SRF) has been revised to ‘B’ from ‘B+’ due to its perceived lower systemic importance post restructuring.

    As a consequence, the bank’s Long-term IDR has been downgraded to ‘B’ from ‘B+’ and its National Rating to ‘BBB+(nga)’ from ‘A+(nga)’. At the same time, Union’s Viability Rating (VR) has been upgraded to ‘b-’ from ‘ccc’ due to its improved financial position with on-going restructuring.

    Access’s VR has been upgraded to ‘b’ from ‘b-’ given its larger franchise, improving performance and commitment to maintaining healthy Fitch core capital (FCC) ratios over the medium term and despite its high cost to income ratio as it integrates a large acquisition.

    As a consequence, the bank’s Long-term IDR is now driven by its VR of ‘b’ rather than its SRF of ‘B’. A full list of rating actions is at the end of this rating action commentary.