Company Results
GTBank revenue for H1, 2020 rises to N225.14 billion
Profit After Tax stood at N94.3 billion in H1, 2020.
Guaranty Trust Bank’s revenue for the half-year of 2020 stood at N225.14 billion as against 221.87 billion recorded in the same corresponding period of 2019.
However, Nigeria’s leading lender’s Profit Before Tax for H1,2020 stood at N109.7 billion as against N115.8 billion recorded in the same corresponding period of 2019, showing a decline of about 5.2%.
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Its Profit After Tax stood at N94.3 billion in H1, 2020 as against N99.1billion recorded in the same corresponding period of 2019.
These were disclosed in the statement issued by the tier-1 bank to the Nigerian Stock Exchange (NSE) on Wednesday.
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It should also be noted that the Board of Directors of Nigeria’s most valuable bank by market value proposed an interim dividend payment of 30 kobos per ordinary share on the issued capital of 29,431,179,224 Ordinary Shares of 50 Kobo each payable to Shareholders on the register of shareholding at the closure date.
Just recently the N755 billion market capitalized bank listed on the Nigerian Stock Exchange and also on the London Stock Exchange, disclosed in a note to its GDR holders that the institution which serves as custodian for this shares corresponding to these certificates (Citibank Nigeria) is awaiting authorization from the Central Bank to transfer dividends for the 2019 financial year in dollar terms.
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Shortly after the release of Guaranty Trust Bank earning result for H1, 2020, the share price rose slightly higher by 0.20% to close at N25.65
What you should know; A dividend is a payment made by a company to its shareholders, usually as a distribution of profits.
When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
Company Results
Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results
Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.
Company Results
Conoil posts 23% post-tax profit decline in 2020 FY results
Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.
Companies
Ecobank Group Posts N630 billion Revenue in 2020
Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020.
Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a 7% growth when compared to N586.9 posted in the corresponding period of 2019.
In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that value of its total assets now stands at N10.2 trillion after a 19% rise.
The bank also recorded superlative performance in other key financial indices despite the harsh operating environment.
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Summary of the report showed that Deposits from customers went up 23% to N7.3 trillion; Total equity up 17% to N805.1 billion; while Loans and advances to customers grew by 9% to N3.7 trillion.
However, despite the bank’s good showing in deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit after tax of N35.9 billion, while profit before tax and goodwill impairment closed at N126.4 billion.
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The Ecobank Group had stated that it is optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.
