GTBank continues to Support Economic Growth and Bilateral Relations.
May 6, 2013
Guaranty Trust Bank plc has continued to promote economic development and entrepreneurship by partnering with the Nigerian and London Stock Exchanges to support the 2013 UK-Nigeria Investment Partnership Forum, which will take place on Thursday May 2, 2013 at Wheatbaker Hotel, Ikoyi, Lagos.
The programme which seeks to encourage bilateral trade relations between Nigeria and the United Kingdom, involves presentation of business enhancement models that facilitate trade between both countries, networking between captains of industries and exploration of business opportunities that exist in both markets. Mr. Alderman Roger Gifford, the Lord Mayor of London is leading the United Kingdom’s business delegation to the event, with Managing Directors/CEOs of major companies operating in different sectors of the UK’s economy in attendance.
Nigeria’s delegation to the event is being led by the CEO, Nigerian Stock Exchange, Mr. Oscar Onyema alongside Private Sector Industry Leaders and top Government officials. Commenting on the Bank’s involvement, Mrs. Cathy Echeozo, Deputy Managing Director of GTBank said the Bank was committed to the development of the Nigerian capital market and the promotion of access to global investment capital.
According to Mrs. Echeozo "UK and Nigeria are important business partners. If we are to actualize the plans of President Goodluck Jonathan and Prime Minister David Cameron to double trade and investment growth between both nations by 2016, then private companies must undertake forums like this to exchange ideas."
Guaranty Trust Bank has always been a strong advocate for empowerment, economic growth and development. The Bank recently sponsored a similar initiative tagged GTBank’s Leadership Seminar, wherein select industry leaders had an interactive session with Mr. Robin Sharma; a globally celebrated author of international bestselling books on leadership.
Guaranty Trust Bank was established in 1990 and presently operates from over 200 offices in Nigeria and banking subsidiaries in Ghana, Gambia, Sierra Leone, Liberia, Cote d’Ivoire and the United Kingdom.
In recognition of it service standards, management quality and financial performance, the Bank has been the recipient of numerous awards over the years that most recently include the Best Bank in Nigeria Award for the fourth consecutive year from Euromoney Magazine and the Best Bank in Nigeria Award from EMEA Finance. Mr Segun Agbaje, the Bank’s Chief Executive Officer was also lately recognized as 2012 African Banker of the Year.
GTBank assures shareholders of better result in 2013
April 26, 2013
The Managing Director of Guaranty Trust Bank, Mr. Segun Agbaje yesterday assured shareholders that the bank will improve on cost efficiency in the current financial year to deliver better dividends.
Speaking at the bank’s Annual General Meeting in Lagos, he said the bank will improve on cost of operations and continue to maintain good corporate governance.
He said, “We have declared the best results in the industry in the last few years and provided shareholders the best return on equity.
“We intend to continuously reward our shareholders for the confidence they have in us and remain committed to teamwork, integrity and customer satisfaction as a bank.”
The Secretary of Independent Shareholders Association of Nigeria, Mr. Adebayo Adeleke said that shareholders are appreciative of the dividend declared, and called on the bank to improve on its performance to pay better dividends and bonus.
He argued that the action taking by Asset Management Corporation of Nigeria to increase debt redemption sinking fund is fraudulent.
According to him, AMCON increased debt redemption sinking fund from 0.3 per cent to 0.5 per cent of the bank’s total assets, which is a fraud.
The bank declared profit after tax of N87.3bn for the financial year ended December 31, 2012, 69 per cent when compared to N51.7bn recorded in the same period of 2011.
The bank’s profit before tax stood at N103bn in 2012, higher than N66.1bn recorded in the corresponding period of 2011, while gross earnings rose to N221.9bn.
Analysis of the result showed a balance sheet size of N1.73trn, from N1.61trn recorded in 2011, while total assets and contingents stood at N2.26trn in the review period, from N2.14trn it stood in 2011, an increase of eight per cent and six per cent respectively.
Further analysis showed that deposit liabilities of the bank increased by 12 per cent to N1.15trn in 2012, reflecting a decent growth of N120bn from the N1.03trn closing position in the corresponding period of 2011.
“This growth in customer deposits fuelled the increase in the loan book as net loans and advances closed at N783.9bn, translating to a growth of 11 per cent over the N707.1bn in 2011. Shareholders’ funds increased from N230.4bn in 2011 to N283.4bn in 2012,” the statement said.
In terms of asset quality, the bank’s nonperforming loans ratio stood at 3.4 per cent, compared to 3.5 per cent in 2011, while cost-toincome ratio improved significantly to 42.7 per cent, from 52.9 per cent in 2011.
The shareholders approved a total dividend of N45.62bn, representing N1.55 per ordinary share of 0.50 kobo each.