Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Content Partners

GTBank proposes 30kobo dividend to shareholders, releases 2020 Half Year audited results

….. Reports Profit before Tax of ₦109.7Billion

Published

on

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 has proposed an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2020 to its shareholders, as it released its audited financial results for the half year end to the Nigerian and London Stock Exchanges.

The half year result reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank’s loan book grew by 8.1% from ₦1.502trillion recorded as at December 2019 to ₦1.624trillion in June 2020 and customer deposits increased by 18.5% to ₦3.001trillion from ₦2.533trillion in December 2019. Profit before Tax closed at ₦109.7billion, representing a decrease of 5.2% over ₦115.8billion recorded in the corresponding period of 2019.

The Bank closed the half year ended June 2020 with Total Assets of ₦4.511trillion and Shareholders’ Funds of ₦720.9Billion. In terms of Asset quality, NPL ratio and Cost of Risk closed at 6.8% and 0.4% in June 2020 from 6.5% and 0.3% in December 2019 respectively. Overall, asset quality remains stable with adequate coverage of 118.1%, while Capital remains strong with CAR of 22.9%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 26.8% and 4.6% respectively. The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2020.

Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “These are undoubtedly tough and trying times for people, businesses and economies the world over. Our financial performance in the first half of the year reflects the quality of our past decisions which have broadened our earnings and strategically positioned us to thrive, thus far, through the current global health and economic crises. Underpinning this financial performance is our commitment to being there for our customers and the communities we serve, and over the past six months we have lent the full weight of our franchise to safeguarding lives and livelihoods of our staff and customers by leading from the front in the fight to curtail the Covid-19 outbreak and offering grace periods on loans to our small business customers.”

He further stated that “Going forward, our focus is not just to survive this pandemic, but to thrive beyond it. That is why we are going ahead with our plans to reimagine how we create value for all our stakeholders. We know that making financial services work for customers goes beyond banking, and in line with our long-term strategy, we will seek to create and drive innovative financial solutions that go beyond banking.”

GTBank has continued to report the best financial ratios for a Financial Institution in the industry with a Return on Equity (ROE) of 26.8% and cost to income ratio of 43.2%. Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

"NM Partners" represent articles published in partnerships with Corporate Organisations, Government and Non-Governmental Institutions, and other stakeholders seeking to publish content on Nairametrics. Content includes Press Releases, Targeted content, and other forms of corporate communications targeted at our readers. Some of these content are paid for.

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.

Content Partners

Bayer set to hold the 3rd edition of the Nigeria Maize Conference

This year’s conference which will be virtual is tagged “Much More Maize” and is scheduled for the 22nd of April 2021.

Published

on

Bayer Nigeria Limited, a subsidiary of Bayer AG, Germany has announced its plan to hold the 3rd edition of its annual Nigeria Maize conference. This year’s conference which will be virtual is tagged “Much More Maize” and is scheduled for the 22nd of April 2021.

Speaking ahead of the conference, the Country Sales Manager, Bayer Nigeria Ltd, Mr. Temitope Banjo said that the Nigeria Maize Conference is an initiative to bring together stakeholders in the Maize agricultural value chain, to deliver innovative solutions that would help Nigerian farmers maximize their farm yields and secure their harvests from devastating disease and pests.

According to Banjo, “Nigeria is yet to reach its full potentials in terms of maize productivity, for example where a hectare of farmland in Egypt can yield up to 7 metric tonnes per hectare, a farm of the same size in Nigeria only produces around 1.8 metric tonnes per hectare which is one of the lowest among the top 10 maize producers in Africa.” He went on to say that even though Nigeria is presently the largest producer of Maize in Africa, the country is still not able to meet up with its domestic and industrial needs for the crop.

He stated that the challenges with maize production in Nigeria are mainly due to poor agronomic factors and the use of bad seeds during planting and cultivation, and there is a need to educate our farmers on how they can increase the productivity and profitability of their farms, hence the theme for this year’s conference.

Commenting on how Bayer intended to address the maize production challenges in Nigeria, the Managing Director of Bayer Nigeria Ltd., Mr. Sefihait Kone explained that Bayer has a suite of products which is called the Bayer “Much More Maize” toolkit, specially put together to help farmers protect their crops and boost productivity of their farms from the planting phase through the harvesting stage.

“We will show how these products, if used properly have the potential to increase the profitability of their farms which translates to higher revenue for them. We hope that once all farmers imbibe these proper procedures, it will have a ripple effect on the economy and increase the food sufficiency of the country,” Kone stated.

Some of the guests and keynote speakers expected at the virtual conference include Alhaji Abubakar Bello who is the President of the Maize Association of Nigeria (MAAN), Dr. Olusegun Ojo, the Director of the National Agricultural Seed Council (NASC) as well as experts from Bayer in person of Dr. David Wangila and Dr. Joseph Kibaki.

Visit https://nigerianmaizeconference.com/#register to register for the event.

Hotflex

Bayer is an innovation company with a more than 150-year history. Its scientific successes are intended to help improve people’s lives. It’s a global enterprise with core competencies in the Life Science fields of health care and agriculture.

british airways
Continue Reading

Content Partners

The Grow With Eyowo Initiative is redefining the growth path for small businesses in Nigeria

Selected entrepreneurs will also enjoy access to a state-of-the-art studio where they can shoot and edit promotional photos and videos for their businesses.

Published

on

Eyowo has launched the Grow With Eyowo initiative offering entrepreneurs access to up to 5 million Naira in capital loans, along with industry-specific growth tips from seasoned experts, masterclasses, and a budget for online advertising and campaigns. Selected entrepreneurs will also enjoy access to a state-of-the-art studio where they can shoot and edit promotional photos and videos for their businesses.

Announcing the news through their social media, Eyowo stated that this initiative rides on their commitment as partners of growth for SMEs, to support business owners on their entrepreneurial journey; to go at their ambitions, dreams, and aspirations and grow their businesses into successful enterprises.

According to Seindemi Olobayo, Chief Executive Officer of Eyowo, initiatives such as this will potentially drive economic growth for our nation;

 “Aside from being the major employers of labour, MSMEs are the major stimuli for economic growth in every nation. This is why we have decided as a company to support entrepreneurs with capital, tools and the requisite knowledge that will help take their businesses to the next level”, he said.

For interested businesses to stand a chance of being selected, they will be required to sign up on the Grow With Eyowo page.

Though Eyowo joins a list of corporates and businesses who have expressed commitment to the continuously booming SME sector. However, Eyowo’s funnel of growth resources, masterclass, and the access to market it provides, make this initiative a complete solution for entrepreneurs and small business owners who are in dire need of an ecosystem to grow their businesses.

What truly distinguishes the initiative from others is its ambitious Nigeria-focused vision of an economic transformation that results in the elevation of the individuals and businesses that journey through the Eyowo ecosystem and the emergence of a truly inclusive society for all.

Eyowo promises that this is the first in a litany of life-changing initiatives they hope to deliver in the coming months.

Hotflex

Eyowo Integrated Payments Limited is a payment service provider founded in 2019 and headquartered in Lagos, Nigeria.  Eyowo is Africa’s growth platform for every human who desires access, independence, and connectedness in their finance and everyday life. With Eyowo, everyone who has a mobile phone in Nigeria can now send, spend, receive, save and borrow money.

Learn more at www.eyowo.com

british airways

Continue Reading

  





Nairametrics | Company Earnings

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