Connect with us
Advertisment

Business

GTBank Releases 2018 Full Year Audited Results….Reports Profit Before Tax Of ₦215.6 Billion

Published

on

GTBank Releases Q1 2021 Unaudited Results...Reports Profit before Tax of ₦53.7 Billion

Advertisment

Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2018 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial metrics and improved strategic positioning of the brand. Gross earnings for the year grew by 3.7% to ₦434.7billion from ₦419.2billion reported in the December 2017. Profit before tax stood at ₦215.6billion, representing a growth of 9.1% over ₦197.7billion* recorded in the corresponding year ended December 2017. The Bank’s customer deposits increased by 10.3% to ₦2.274trillion from ₦2.062trillion in December 2017, however, loan book dipped by 12.9% from ₦1.449trillion recorded as at December 2017 to ₦1.262trillion in December 2018. 

Advertisment

In view of the above, the Bank closed the 2018 financial year with Total Assets of ₦3.287trillion and Shareholders’ Funds of ₦575.6Billion. In terms of Assets quality, NPL ratio and Cost of Risk improved to 7.3% and 0.3% in December 2018 from 7.7% and 0.8% in December 2017 respectively. In addition, coverage ratio for NPL stood at 105.1% and Capital adequacy ratio remained very strong, closing at 23.4% despite the implementation of IFRS 9. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 30.9% and 5.6% respectively. The Bank is proposing final dividend of ₦2.45k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2018 financial year to ₦2.75k per unit of ordinary share. 

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “In 2018, our focus on staying nimble, strengthening customer relationships and driving our digital-first strategy paid off. We successfully navigated the pressures of our challenging and radically changing business environment, recorded growth across key financial indices and reaffirmed our position as one of the best performing and well managed financial institutions in Africa.

He further stated that; ‘This result reflects, not just the fundamental strength of our brand, but also our commitment to our values of excellence, creating value for all stakeholders and putting our customers first in everything that we do. Driven by these values, we are building the bank of the future by pairing the best of our business with the massive potential of digital technologies to create Africa’s first integrated and trusted platform; Habari. 

Advertisement

GTBank has continued to report the best financial ratios in terms of profitability, efficiency and capital for a Financial Institution in Nigeria as revealed by its return on equity (ROAE) of 30.9%, cost to income ratio of 37.1% and capital adequacy of 23.4%. These ratios are a testament to the efficient management of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of the Bank’s awards in 2018 include Bank of the Year – Nigeria from the Banker Magazine, Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine, Most Innovative Bank from the African Investor, and Best Digital Banking Brand in Nigeria from the Global Brands Magazine

Advertisment
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

Published

on

Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

 

Advertisment

 

 

Advertisment

 

 

 

Advertisement

 

 

 

 

SAHARA WEEKLY Reports That One of the fastest growing age-groups, otherwise known as Regbregbe in Ijebuland, Egbe Obaneye Okunrin Akile-Ijebu will on Tuesday, May 28, 2024 hold the second edition of its SME Business Seminar.

 

 

 

 

 

Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

 

 

 

The event which promises to be business friendly and educative has been scheduled for Chinese Hall, of the upscale Conference Hotel, Ijebu-Ode, the heartbeat of Ijebuland.

 

 

 

 

 

 

 

 

 

 

 

According to a statement by the headship of the Regberegbe, Giwa Oluseye Yusuf, the group through its Baba Egbe has earmarked #15m for the empowerment of 10 members during the SME business seminar to be anchored by Mr Bola Bhadmus, CEO WelthBrifge Asset Management Limited.

 

 

 

 

 

 

 

 

 

 

‘You are cordially invited to the Idokowo Egbe Obaneye 2.0 SME seminar, where industry experts and thought leaders will share insights and strategies for small and medium-sized enterprises to thrive in today’s dynamic business landscape. Join us for a morning of networking, learning, and growth’.

Advertisment
Continue Reading

Business

How RealtorMax became one of the fastest-growing real estate companies in Nigeria – Mike Adeyemi

Published

on

How RealtorMax became one of the fastest-growing real estate companies in Nigeria - Mike Adeyemi

How RealtorMax became one of the fastest-growing real estate companies in Nigeria – Mike Adeyemi

Nigeria’s real estate industry has witnessed significant growth in recent years, with many companies battling for a stake in the market.

Advertisment

 

 

Advertisment

How RealtorMax became one of the fastest-growing real estate companies in Nigeria - Mike Adeyemi

However, RealtorMax, owners of Urbanmax Estate, Owode Obafemi, Ogun State and Aje: The Wealthy Residence, in Ibeju Lekki area of Lagos stood out to emerge as one of the fastest-growing real estate companies in the country.

Based in Lagos and founded a few years ago by Mike Adeyemi, an innovative young entrepreneur, Realtormax has achieved success in a relatively short period.

Advertisement

The company’s vision to redefine affordable housing in Nigeria and across Africa has been the driving force behind its operations, and it has remained committed to this mission since its inception.

According to Adeyemi, its commitment to developing new towns around the metropolis by not just selling lands but holding buyers by their hands and guiding them towards owning their dream homes whether luxury or affordable set apart the ambitous and fast growing firm from other real estate companies in Nigeria.

The company is not just a facilitator of land purchases; it takes a hands-on approach by engaging in project management, providing critical infrastructure, offering building materials at highly doscounted rates, providing amenities such as internet, banks and road, as well as consulting. This approach ensures that clients receive fully realised and developed their choice properties with minimal stress.

Adeyemi’s emphasis on integrity, quality, innovation and attention to detail have set a standard that has become the hallmark of RealtorMax ’s projects.

According to the CEO, RealtorMax has a line up of more innovative solutions that will redefine the landscape of real estate in Nigeria powered by technology and new thinking.

“With our plans which we shall be rolling out in due course, we will deploy technology to make not just home ownership smooth and worry free but will help many more become smart investors who will partake in amazing global real estate ventures, maximise profits and benefit from joint investment platforms,” he noted.

He added: “One of the notable projects currently being undertaken is the almost 500-acre Urbanmax Estate, located in the Owode Obafemi area of Ogun State, near the Shagamu Express Interchange, which sells for N1.3million per plot (500 SQM). The eco-friendly estate offers a range of residential and commercial options with modern amenities, providing residents with a comfortable and convenient lifestyle.

“In addition, RealtorMax Limited is also developing Aje: The Wealthy Residence, in the vibrant Ibeju Lekki area. This luxurious residential development showcases our commitment to delivering high-quality and prestigious homes for discerning buyers at N32millon per plot (500 SQM). So, we offer dream homes to all our customers whether their choice is luxury or affordability.

Both estates offer opportunities to enjoy eco-friendly homes with close proximity to Lagos metropolis.

Advertisment
Continue Reading

Business

Nigeria Breweries-Felix Ohiwerei Education Trust Fund flags off 10th edition of Maltina Teacher of the Year Competition

Published

on

Nigeria Breweries-Felix Ohiwerei Education Trust Fund flags off 10th edition of Maltina Teacher of the Year Competition

Nigeria Breweries-Felix Ohiwerei Education Trust Fund flags off 10th edition of Maltina Teacher of the Year Competition

 

Advertisment

The Nigeria Breweries-Felix Ohiwerei Education Trust Fund has announced the call for entries for the much-anticipated 10th edition of the Maltina Teacher of the Year competition.
Entries for the competition open on Thursday, May 16, 2024, and will close on Friday, July 19, 2024. The competition remains a platform to appreciate and reward teachers for their significant contribution towards the development of the education sector in Nigeria, while inspiring excellence in teaching.
To participate, eligible teachers can visit the dedicated website (www.maltinateacheroftheyear.com) to complete the entry form online. Alternatively, they can download the form, complete it, scan it, and email the completed form to maltinateacheroftheyear@heineken.com
Speaking at the flag-off ceremony held in Lagos today, Managing Director, Nigerian Breweries Plc, Hans Essaadi who was represented by the Human Resource Director, NB Plc, Grace Omo-Lamai explained that the flag-off of this year’s edition represents the beginning of another journey to appreciating and celebrating the tireless efforts and dedication of teachers.

Essaadi stated that the company through the Felix-Ohiwerei Education Trust Fund remains unwavering in its commitment to supporting teachers in shaping future leaders and changing the lives of students for the better in Nigeria.

Advertisment

 

 

Nigeria Breweries-Felix Ohiwerei Education Trust Fund flags off 10th edition of Maltina Teacher of the Year Competition

Advertisement

 

“The Maltina Teacher of the Year competition presents an opportunity to express our gratitude to teachers for the sacrifices they make, the extra hours they invest, and the guidance and mentorship they provide to ensure the success of our youth. Through this competition, we aim to recognize the efforts of teachers in the countless ways they have shaped our future. We acknowledge their selflessness, their passion for teaching, and their relentless pursuit of the growth and development of our nation,” he said.

 

 

 

He stated that it was exciting to note that other corporate organizations have come on board to be part of this transformative initiative, adding that Union Bank of Nigeria Plc and Woodhall Capital Foundation have been enlisted as main partners while First City Monument Bank and Alert Group are supporting partners for the competition.
In her keynote address, the Corporate Affairs Director, Nigerian Breweries Plc, Sade Morgan, disclosed that the competition remains a veritable platform to reward and inspire teachers for their invaluable contribution to the development of education and society at large.

 

 

 

Morgan stated that the platform aims to recognize and appreciate teachers for the stewardship of our most precious national resource – the youth.
“Indeed, our teachers continue to play their role effectively and, as such, deserve to be appreciated, recognized, and celebrated for what they have done, and what they continue to do, to make society what it is today, particularly in the human and national development,” she said.

 

 

 

She disclosed that secondary school teachers in both public and private schools are eligible to participate in the 10th edition of the Maltina Teacher of the Year competition.
Speaking on the reward earmarked for the winners, she noted that the overall winner for the 2024 edition would receive a trophy, a total cash prize of N10 million, and a capacity development training opportunity abroad while his/her school receives either a block of classrooms or a computer laboratory.
“The first runner-up of the competition will equally receive a trophy and a total sum of N3,000,000, while the second runner-up receives a trophy and a total sum of N2,500,000. All State Champions will be rewarded with recognition plaques and a cash prize of N1, 000,000 each”, she added.
In her remarks, Winner of the 2023 Maltina Teacher of the Year Competition, Adeola Adefemi while praising NB Plc for the competition stated that her emergence as winner has attracted pride, fame, and fortune.
According to Adefemi, the success has become a confidence booster and attraction to several global opportunities in the teaching profession.
Goodwill messages of support were delivered by representatives of the corporate partners and key stakeholders in the education sector, such as representatives of the Nigeria Union of Teachers (NUT), All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), and the Teachers Registration Council of Nigeria (TRCN).
The Maltina Teacher of the Year competition was established in 2015 and funded through the Nigerian Breweries-Felix Ohiwerei Education Trust Fund, which was set up in 1994 to facilitate an active contribution to the development of the education sector in Nigeria in line with the United Nations Sustainable Development Goal, SDG No.4.
#
ABOUT THE MALTINA TEACHER OF THE YEAR COMPETITION
In 2015, Nigerian Breweries-Felix Ohiwerei Education Trust Fund introduced the Maltina Teacher of the Year, a national competition, to identify, honor, and reward outstanding teachers in Nigeria.
Maltina Teacher of the Year is proudly endorsed by the Federal Ministry of Education and other education stakeholders including the Nigeria Union of Teachers (NUT), All Nigeria Confederation of Principals of Secondary Schools (ANCOPPS), and Teachers Registration Council of Nigeria (TRCN).

ABOUT NIGERIAN BREWERIES-FELIX OHIWEREI EDUCATION TRUST FUND
The Nigerian Breweries-Felix Ohiwerei Education Trust Fund was set up in 1994 with a startup capital of 100 million Naira to enable sustained quality education through structured intervention in the sector.
The Fund has footprints across the six geographical zones in Nigeria at primary, secondary, and tertiary levels of education. Through the Fund, NB Plc has constructed and furnished over 400 classrooms, sanitary facilities, and libraries in 74 communities across the country. The Fund has also granted scholarships to deserving students in tertiary institutions

Advertisment
Continue Reading

Cover Of The Week

Trending