Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business News

Report ranks GTBank among 12 global companies in developing markets

A report by the EIU has ranked GTBank among top 12 global companies to watch out for in developing markets.

Published

on

Guaranty Trust Bank

A report by the Economic Intelligence Unit has ranked Tier-1 Bank, Guaranty Trust Bank (GTBank) among top 12 global companies to watch out for in developing markets.

The 23-page report released by the world leader in global business intelligence titled “Going global: 12 companies to watch in developing markets,” examined six industries which include automotive, consumer goods, energy, financial services, healthcare and telecommunications.

According to the report, in the 12 local companies making waves across developing markets, Nigeria’s GTBank made the headline with its digital banking services and the only financial institution from the continent.

In August 2018 GTBank started offering its banking services on WhatsApp, a social media app. The report noted that GTBank’s digital services have extended beyond banking to online payments for services such as applying for passports.

The report also noted that the bank will continue to play a crucial role in providing loans to energy companies, noting that the bank also gets considerable revenue from upstream oil operations in Nigeria.

“Although GTBank is profitable, it is exposed to the risks posed by volatile oil prices and the weak Nigerian economy, which has led to high levels of bad loans for Nigerian banks.

“In the six months ended June 30th 2018 GTBank’s net interest income fell by 2%, to N161.9bn (US$4.5bn), owing to lower interest income on loans and advances and a fall in yield from fixed-income securities.”

Other companies listed incude:

  • Russia’s Kamaz truck maker
  • Chinese automaker, JAC Motors
  • Mexican multinational bakery, Grupo Bimbo
  • UAE-based Majid Al-Futtaim
  • India’s crude oil firm, ONGC
  • Russian state-owned Rosatom
  • Malaysia’s CIMB
  • Indonesian healthcare firm, Kalbe Farma
  • Brazilian healthcare provider, Notre Dame Intermedica
  • Qatari company Ooredoo
  • Brazilian telecoms company, Algar Telecom

A review of GTBank’s recently released H1 2018 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.

Its Gross earnings for the period grew by 5.9% to ₦226.6 billion from ₦214.1 billion reported in June 2017. While Profit before tax stood at ₦109.6billion, representing a growth of 8.4% over ₦101.1 billion recorded in the corresponding period of June 2017. The Bank’s Loan Book dipped by 10.8% from ₦1.449 trillion recorded as at December 2017 to ₦1.293 trillion in June 2018, while customers’ deposit grew by 10.0% to ₦2.269 trillion from ₦2.062 trillion in December 2017.

The Economist Intelligence Unit (The EIU) is the research and analysis division of The Economist Group, the sister company to The Economist newspaper.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

Published

on

Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

Hotflex

In case you missed it

The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

Continue Reading

Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

Published

on

A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

Hotflex

Details later…

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.