Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2018 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 8.8% to ₦337.3billion from ₦309.9billion reported in September 2017. Profit before tax stood at ₦164.2billion, representing a growth of 9.5% over ₦150.0billion recorded in the corresponding period of September 2017. The Bank’s Loan Book dipped by 12.3% from ₦1.449trillion recorded as at December 2017 to ₦1.270trillion in September 2018, while customers’ deposit grew by 8.6% to ₦2.239trillion from ₦2.062trillion in December 2017.
The Bank’s balance sheet remained resilient with Total assets and Shareholders’ Funds closing at ₦3.433trillion and ₦534.3Billion respectively, a 2.4% growth from Total Asset Position of ₦3.351trillion as at December 2017, Capital Adequacy Ratio (CAR) however dipped by 300bps to 22% despite the impact of IFRS 9 implementation. In terms of Assets quality, NPL ratio and Cost of Risk (COR) improved to 5.6% and 0.1% in September 2018 from 7.8% and 0.5% position in December 2017 respectively. Complementing the improvement noted in NPLs and COR, we maintained adequate Loan Loss coverage of 180.6% for Lifetime Credit Impaired Loans (NPLs). On the backdrop of this result, Post- Tax Return on Equity (ROE) closed at 32.7% while Return on Assets (ROA) stood at 5.6%.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Despite operating in a very challenging business environment, our 3rd quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with economic realities. It further demonstrates the strength of our business strategy to deliver financial services that enriches the lives of our customers and creates more value for all our stakeholders.”
He added that, “Going into the final quarter of the year, the Bank will continue to drive its digital-first customer-centric strategy to improve customer experience and expand its range of service offering whilst constantly differentiating itself by maintaining a high standard in service delivery and putting customers at the heart of everything that we do.”
Over all, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROE) of 32.7%, Post-Tax Return on Assets (ROA) of 5.6%, Cost to Income ratio of 38.3% and PBT margin of 48.7%. These ratios are testament to experienced Management, efficient Balance sheet structure coupled with operational efficiency of the Bank.
In recognition of the Bank’s stance on world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards in the course of the year. They include Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney Magazine, African Bank of the Year from African Banker Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine, Best Bank in Africa for Corporate Governance from Ethical Boardroom Magazine.
NNPC to partner Indonesia State Oil Company, Pertamina, on crude oil sales
The Nigerian National Petroleum Corporation (NNPC) has indicated interest in working with the Indonesian national oil company, Pertamina, to improve on the volume of crude oil export.
Group Managing Director of the NNPC, Mallam Mele Kyari, disclosed this today while receiving the Indonesian Ambassador to Nigeria, His Excellency, Dr. Usra Hendra Harahap, at the NNPC Towers, Abuja.
A press release by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, stated that partnership with Pertamina could open up more opportunities for the nation’s crude oil and gas in the face of unpredictable global market.
Mele Kyari said that NNPC was ready to renew the trade contract with the Republic of Indonesia which expired last year and directed the relevant arms of the corporation to work out modalities to ensure a better deal for the benefit of both countries.
Earlier in his presentation, the Indonesian Ambassador, His Excellency, Dr. Usra Hendra Harahap, noted that Indonesia has a long history of mutual relationship with Nigeria and was ready to improve on its $2.5 billion trade balance with Nigeria.
“Last year alone, Indonesia imported from Nigeria crude oil worth about $2.5 billion; but that contract ended in December, 2018”, adding that crude oil from Nigeria was considered to be of very high quality and environmentally friendly.
The Ambassador expressed confidence in the capacity of the NNPC new GMD to deliver on his mandate as the leader of the oil and gas industry in Nigeria.
“The new NNPC boss is very experienced. I read his curriculum vitae and I found it very wonderful. Nobody can cheat him because he grew through the ranks to the top. I think NNPC will be very strong by his leadership qualities”, the diplomat concluded.
NNPC posts N6.33bn profit in one month
The Nigerian National Petroleum Corporation on Sunday announced a trading surplus of N6.33bn for the month of May, a figure which is 13 per cent higher than the N5.6bn surplus posted in the preceding month of April.
Details of the corporation’s performance contained in the May edition of its Monthly Financial and Operations Report attributed the marginal rise to the increase in gas and power output in contrast to the figure for the preceding month.
The report, which was made public by the Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, also attributed the result to the surplus recorded by the corporation’s downstream entities.
The report further indicated that within the period, the corporation recorded a total of $580.32m in export sale of crude oil and gas, which was 23.39 per cent higher than the previous month’s figure.
Out of this number, crude oil export sales contributed $458.59m, which translated to 79.02 per cent of the entire dollar transactions, compared with the $342.11m that was contributed in the previous month.
The report showed that between May 2018 and May 2019, crude oil and gas worth $5.97bn was exported.
In the downstream, to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 2.06b billion litres of petrol translating to 66.49 million litres per day were supplied in the month of May 2019.
NNPC stated that beyond supply, it had continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the country.
Within the period, a total of 60 pipeline points were vandalised, representing a remarkable 52 per cent decrease from the 125 points vandalised in April 2019.
The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 per cent and 23 per cent, respectively and other locations accounted for the remaining 39 per cent of the total breaks.
The report noted that the feat was due to efforts by NNPC in collaboration with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate pipeline vandalism.
Zenith Bank unveils ‘Style by Zenith 2.0’
Following the success of the maiden edition, foremost multinational financial services provider, Zenith Bank Plc has announced the launch of “Style by Zenith 2.0”, the second edition of its flagship lifestyle fair dedicated to intentionally celebrating the ‘small’ things that make ‘big’ differences in our lives.
First launched in 2018, the “Style by Zenith 2.0” initiative was created with the objective of supporting and creating value for customers by focusing on various aspects of their lifestyle.
This year, “Style by Zenith 2.0” takes things up a notch with the theme, “Style the Life you Desire”, aimed at encouraging Nigerians to live their best lives and be extraordinary.
The platform seeks to inspire people to be authentic, while showing them that with ordinary talent and extraordinary effort they can thrive and make a real change in this world.
Speaking on the rationale behind “Style by Zenith 2.0”, the Executive Director of Zenith Bank Plc., Dr. Temitope Fasoranti said that, “Banking, for Zenith Bank means going that extra mile to be present in the lives of our customers.
Driven by a culture of excellence and providing cutting edge solutions, the bank is championing this cause to enable individuals and businesses to grow wealth.”
He added that “Beyond providing financial solutions, Zenith Bank Plc seeks to be a reliable partner to her customers, ensuring that they excel on every front. With “Style by Zenith 2.0”, the bank continues in her commitment to empowering individuals and entrepreneurs by celebrating real talents. We will be helping people do what they know how to do best and repositioning them for greater levels of success in their various endeavours.”
This year’s program includes an interesting line up of activities all culminating in the 3-day Lifestyle Fair taking place at the end of 2019. Kicking off the array of activities is the “Style by Zenith 2.0” Fitness Walks being held in conjunction with Mass Medical Missions, a non-profit organization, and Venus Medicare Ltd, a leading Health Management Organisation in the country.
The Fitness Walk will serve as a platform to promote Mission Pink Cruise – a project of Mass Medical Missions supported by Zenith Bank, aimed at taking holistic cancer prevention and health promotion to various communities across the country using Mobile Cancer Centres (MCC) nicknamed Pink Cruises, which is the first of its kind in Nigeria.
Scheduled to hold in August, these Fitness Walks and Cancer Screening exercises will hold in five cities across Nigeria – Lagos, Abuja, Port Harcourt, Kano and Onitsha. Interested individuals are invited to register their participation by visiting the Zenith Bank website at www.zenithbank.com/style.
Aside the fitness walks across the country, there is a whole lot of activities such as conferences, online engagements, and a special event for models that builds on the masterclass held last year, not forgetting the special play arcade and activities designed for children at the fair. The whole gamut of events and activities lined up also come with free medical check-ups like free eye, dental and cancer tests, amongst other special promotions both online and at the events leading to the final crescendo which is the 3-Day Lifestyle Fair.
With initiatives such as these and many more to come, “Style by Zenith 2.0” promises to offer an all-encompassing experience touching on key aspects of the lifestyle of Zenith customers and the public.
The “Style by Zenith 2.0” platform is also a testament to the priority given to SMEs and the retail segment of the market by the bank. Together with her various partners, Zenith Bank will be laying the foundation for a future where individuals and SMEs can live up to their full potentials.
Fashion One, the leading global fashion and lifestyle channel will once again be working with Zenith Bank on the “Style by Zenith 2.0” initiative.
Established in 1990, Zenith Bank Plc is a leading multinational bank providing corporate, business, retail and personal banking services through its network of over 500 branches and business offices, serving millions of customers. The brand is verifiably a leader in the deployment of various channels of banking technology and has become synonymous with the deployment of state-of-the-art technologies in banking.
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