GTBank Releases Q1 2017 Unaudited Results... Reports Profit before Tax of ₦50.39Billion
Lagos, Nigeria – April, 2017
Guaranty Trust Bank plc has released its unaudited financial results for the quarter ended March 31, 2017 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 39% to ₦104.66billion from ₦75.39billion reported in March 2016; driven primarily by growth in interest income. Profit before tax stood at ₦50.39billion, representing a growth of 64% over ₦30.68billion recorded in the corresponding period of March 2016. The Bank’s loan to customers dipped marginally by 2% from ₦1.591trillion recorded in December 2016 to ₦1.563trillion as at March 2017. Deposit from customers grew marginally by 1% from ₦1.986trillion in December 2016 to ₦2.012trillion in March 2017.
The Bank’s balance sheet remained strong with a 1.6% growth in Total Assets as the Bank closed the quarter ended March 2017 with Total Assets of ₦3.16trillion and Shareholders’ Funds of ₦546.9Billion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.62% (Bank: 3.27%) with adequate coverage of 231.6% (Bank: 266.6%). Capital remains strong with CAR of 20.03%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 31.55% and 5.28% respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said that “Given the significant progress we made in 2016, we came into the year better equipped to navigate any further economic headwinds, and our performance in the first quarter demonstrates our ability to deliver sustainable long-term growth. We remain committed to maximizing shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.
He further stated that “As we transform our organization into a platform for enriching lives, we are providing our customers with information and access they need to thrive. We are also leveraging our brand and networks to support small businesses through free business platforms and capacity building initiatives.
GTBank has consistently played a leading role in Africa’s banking industry and reported the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 31.55% and a cost to income ratio of 38.75%, evidencing the efficient management of the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry.
In due recognition of the Bank’s leading role in Africa’s banking industry, owing to its bias for world class corporate governance standards and excellent service delivery and innovation, GTBank was recognized in 2016 as the Best Bank in Nigeria by Euromoney, Most Innovative Bank in Africa by African Investor and Best Banking Group Nigeria by World Finance Magazine.
Communication & External Affairs
GTBank – Lagos State Principals Cup Season 8 Draws holds Wednesday 19th April, 2017
Lagos Nigeria – April, 2017.
Foremost African Financial Institution, Guaranty Trust Bank plc, is set to host the draws for the 2017 edition of the GTBank-Lagos State Principals Cup competition on Wednesday, 19th April, in its corporate head office in Lagos.
GTBank has been at the forefront of promoting grassroots football in Nigeria since 2009 when the competition was launched. Now among the largest and most widely followed grassroots soccer competitions in Africa, the tournament is aimed at actively engaging secondary school students through sports whilst promoting the values of excellence and fair play. The competition also provides a platform for identifying, nurturing and grooming young and talented players and helping them on the journey towards actualizing their dreams of becoming world class footballers.
The season began in February with the play-offs which featured a record 575 teams, including more than 100 debutants, in the male and female categories from the 6 educational districts in Lagos. 32 of these teams – 16 each from the two categories – that made it through the first round will participate in Wednesday’s draws. The event will set the stage for the commencement of the 2nd Round of this season’s competition.
The draws is a routine balloting process in each year’s tournament through which the teams that qualify from the educational district play-offs are grouped according to their respective categories. This exercise will be conducted and monitored by officials of the GTBank-Lagos State Principals Cup Planning Committee, Nigerian Football Federation, Lagos State Ministries of Youth/Sports and Education amongst other stakeholders.
Over the years, the GTBank-Lagos State Principals Cup has propelled the professional careers of several talented and now renowned players like Stephen Odey – the current leading goal scorer in the Nigerian Professional Football League – who captained his alma mata – Dairy Farm Senior Secondary School, Agege – to victory in the 2012 edition of the competition, Esther Adeboye – one of the Most Valuable Players in the 2014 Competition from State High School, Alimosho joined the National Female U-17 Team – The Flamingoes – that represented Nigeria at the FIFA U-17 Women’s World Cup.
Commenting on the Season 8 draws, the Managing Director of Guaranty Trust Bank plc, stated that "We witnessed a wonderful display of passion, talent and skill among the teams of the Season 7 tournament and I am certain that as the tournament progresses this year, more students will experience football on a level where they not only showcase their potential, but also practice leadership, commitment, fair play and teamwork.” He further stated that “The Bank will continue to sustain this platform that has proved quite successful in identifying and nurturing young and talented footballers, and setting them on the path to stardom while inculcating in them the values of excellence, discipline and fair play.”
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.
Communication & External Affairs
GTBank Releases 2016 Full Year Audited Results… Reports Profit before Tax of ₦165.14Billion
Lagos, Nigeria – March, 2017
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.
Communication & External Affairs
The 2017 GTBank Food and Drink Fair set to hold during Workers’ Day holiday
Lagos, Nigeria - March, 2017
Food lovers from across the world can once again look forward to an unparalleled culinary experience as the 2nd edition of the GTBank Food & Drink Fair is set to hold during the Worker’s Day holiday on Sunday the 30th of April and Monday the 1st of May, 2017. The 2-day event will treat attendees to enthralling gastronomic tours across a wide variety of exciting cuisines and delicacies while offering small businesses in the Nigerian Food Industry a free and vibrant platform to connect with a wider segment of their target markets as well as experts in their business fields.
The GTBank Food and Drink Fair was created by foremost African Financial Institution, Guaranty Trust Bank Plc, as part of its efforts to empower small businesses. The 2016 debut of the consumer-focused event received very positive reviews nationally and internationally, had over 90 exhibitors from the food sector and attracted over 25,000 guests over the 2-day period. It was followed by the first edition of The GTBank Fashion Weekend, held in November 2016, which achieved a similar impact in the SME segment of the Nigerian fashion industry and featured over 100 exhibitors and about 30,000 guests.
The GTBank Food and Drink Fair, which is free to attend, will expand on the favourite features of the previous event, such as Cooking MasterClasses and Sales Exhibitions by small businesses, whilst providing new and exciting features such as a Farmers’ Market, where SMEs involved in agriculture will showcase and sell fresh and organic farm products, and a Baking Masterclass for children kids. There will also be a diverse range of restaurants offering mouth-watering dishes, outdoor grills and thrilling entertainment as well as savoury Wine tastings to enable attendees experience an exciting and eclectic mix of undiscovered brands and household names alike.
Commenting on the GTBank Food & Drink Fair, Mr Segun Agbaje, the Managing Director of Guaranty Trust Bank plc, said; “We are delighted to return with the 2nd edition of the GTBank Food and Drink Fair. This year, we are raising the bar on the scope and features of the event to deliver an exquisite experience of Nigeria’s diverse culinary mosaic to our customers, the general public and food enthusiasts from around the world. He further stated that, “With the successes of the first editions of the Food and Drink Fair and Fashion Weekend events, we are encouraged to do more; connecting businesses to consumers, creating new markets and business opportunities for our 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. The Bank is also going beyond the traditional understanding of Corporate Social Responsibility as corporate philanthropy by intervening in key economic sectors to strengthen small businesses through non-profit consumer focused fairs and capacity building initiatives that serve to boost their expertise, exposure and business growth.
GTBank sponsors 2017 Lagos International Polo Tournament
Lagos Nigeria – February, 2017.
Polo lovers in Nigeria and beyond are set to be treated to thrilling sporting actions as the NPA Lagos International Polo Tournament returns for the 2017 season. Sponsored by leading African Financial Institution, Guaranty Trust Bank plc, the competition will bring together renowned indigenous and international polo teams to compete for highly coveted trophies at the Lagos Polo Club Ikoyi.
Widely revered as the Sport of Kings, Polo was introduced in 1904 by British Naval Officers, the sport was first played on an air strip that was shared between the Lagos Polo Club and the Ikoyi Club. The Lagos Polo Club, like the city in which it is located, developed rapidly and became the premier polo club in the country. Although the composition of its members has changed over time—from British Naval Officers to Expatriates and Senior Civil Servants—the club has retained its status as Nigeria’s leading polo club. Over the years, Lagos International Polo Tournament has hosted reputable personalities such as His Royal Highness The Prince of Wales, and Polo greats like Alphonso Pieres, Gonzalo Pieres and Alan Kent.
This year’s event will see both Nigerian and foreign teams compete in four main cups namely Silver Cup, Open Cup, Lagos Low Cup and Majekodunmi Cup. Some of the players expected to light up the tournament include Manuel Crespo, a seven-goaler from Argentina; South Africa’s Tom De Bruin +7; and Alfredo Bigati, another +7 handicap player from Argentina. Other professionals expected include Santiago Cernadas +6, Adamu Atta, Babangida Hassan, Bello Buba, Santiago Astrada +6, Diego Whyte and Martin Juaregi. Polo enthusiast will also be treated to a variety of off-the-pitch activities ranging from thrilling performances by music stars, ladies day celebrations to an out-of-this-world experience at the exclusive GTBank Lounge where guests will be treated to epicurean cuisine and vintage wine.
According to Ade Laoye, President of the Lagos Polo Club, “To ensure a successful outing, we embarked on a massive infrastructure upgrade. We are confident that this year’s tournament will provide top class action and entertainment for all polo lovers”.
Commenting on the GTBank sponsored Polo tournament, Mr. Segun Agbaje, Managing Director of Guaranty Trust Bank plc stated that “Our sponsorship of the 2017 NPA Lagos International Polo Tournament, which has grown over the years to become one of the most anticipated social and sporting events in Lagos, demonstrates our strong belief in the role of sports in developing and uniting our society. He further stated that, “From its profound origins rooted in noble values to the naturally evolving symbiosis between player and horse; Polo reflects pure passion, quality, competitiveness and fair play, which are among the values that have made GTBank a Proudly African and Truly International Financial Institution.
Guaranty Trust Bank plc is one of the few Nigerian financial institutions that have maintained a defined Corporate Social Responsibility (CSR) strategy, most especially in sports education. The GTBank Masters Cup as well as the Principals Cup tournaments in Lagos and Ogun states are some of the projects the bank has taken up in this regard.
Communication & External Affairs