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Business News

GTB releases FY result for 2019, grows PBT by 7.5%

Guaranty Trust Bank Plc (GTB) has released its audited financial statement for full-year December 31, 2019.

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GTB releases FY result for 2019, grows PBT by 7.5%, GT bank obtains approval-in-principle from CBN to operate as Holding Company

Guaranty Trust Bank Plc (GTB) has released its audited financial statement for full-year December 31, 2019. There are improvements in most of its performance indicators.

In a notification, which was sent to the Nigerian Stock Exchange, the foremost financial institution`s profit before tax for the banking group as of December 31, 2019, was N231.7 billion as against the N215.6 billion in 2018. This represents a 7.5 % increase.

The profit after tax for the group for full-year 2019 stood at N196.8 billion as against the N184.7 billion that was achieved in the corresponding period for 2018. This represents a 6.6% increase.

The net interest income for full-year 2019 stood at N231.36 billion as against the N222.43 billion. This represents a 4% increase.

The net fee and commission income for full-year 2019 was N59.44 billion as against the N50.47 billion which was recorded for the corresponding period for 2018. This shows a 17.8% increase.

[READ MORE: MTN posts N202.1 billion PAT, up by 38.7% in FY 2019)

From the financial statement, the loans and advances to customers increased sharply to N1.5 trillion for full-year 2019 as against N1.26 trillion that was recorded for the corresponding period for 2018. This represents a 19.2% increase.

The dramatic increase in the disbursement of loans and advances to customers could be attributed to the Central Bank of Nigeria’s increase of Loan to Deposit Ratio (LDR) of banks to 65%.

Deal book 300 x 250

The group’s balance sheet recorded some improvement as deposits from customers for full-year 2019 was N2.53 trillion as against the N2.27 trillion that achieved for the corresponding period for 2018. This represents 11.4% increase.

You can download the full report here.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

1 Comment

1 Comment

  1. Adeyemo Olaitan

    June 4, 2020 at 7:58 pm

    Good day sir,I need your assistant on corporate social responsibility ( CSR) data and profit after tax (PAT) for this selected bank in Nigeria. Access bank,GTB, FCMB,First bank from 2010 to 2019. I’m using this data for my project sir
    Thanks
    Best regards

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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