Guaranty Trust Bank plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.
A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.
The Group reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019. The Group’s Loanbook (Net) grew by 10.7% from ₦1.502trillion recorded as at December 2019 to ₦1.663trillion in December 2020, while Customers’ deposits increased by 38.6% from ₦2.533trillion in December 2019 to ₦3.509trillion in December 2020.
Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at ₦4.945trillion and ₦814.4billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4% (Bank: 5.9%) and 1.2% (Bank: 1.0%) in December 2020 from 6.5% (Bank: 6.2%) and 0.3% (Bank: 0.2%) in December 2019 respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate. We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”
He further stated that; “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”
Guaranty Trust Bank plc continues to post the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%.
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.
The draw for the quarter-final of the Europa League will be conducted on Friday, March 19, 2021.
Slavia Prague, Granada, Roma, Villarreal, Manchester United, Dinamo Zagreb, Ajax and Arsenal are the teams left in the competition.
The draw ceremony will be staged at the House of European Football in UEFA's headquarters in Nyon, Switzerland.
It will start an hour after the Champions League quarter-final draw.
There will be no country protection or seeding for Friday’s quarter-final and semi-final draws, so any team can face anybody else in the next two stages
The first-leg matches will be played on Thursday April 8, 2021, while the second legs will take place Thursday April 15, 2021.
President Muhammadu Buhari has mourned Tanzanian President John Magufuli, who passed away at the age of 61.
Buhari sent his condolence message, in a statement signed by his Senior Special Assistant on Media and Publicity, Garba Shehu, titled “President Buhari mourns Tanzanian President, John Pombe Magufuli.”
The statement reads, “President Muhammadu Buhari joins Government and people of Republic of Tanzania in mourning the passing of President John Pombe Magufuli, 61, whose legacy of patriotism and dedication to the African course will continue to resonate across the continent.
“The President believes the late Tanzanian President’s courage and love for his country-inspired various reforms that generations will continue to celebrate, which include the challenging decision to reduce size and cost of governance, insistence on a people-focused budget, with clear priorities on...
The Arewa Youth Assembly (AYA) has given Sunday Igboho a 72-hour ultimatum, to move Yoruba people from the North.
AYA have threatened to take necessary actions, by taking the responsibility of sending them back home.
"We are hereby giving him the ultimatum of 72 hours to move his people out or we will be forced to take necessary actions by personally taking the responsibility of getting his people back home," the group explained.
Mohammed Salihu Danlami, Speaker, Arewa Youth Assembly, in a statement, noted that the entity of Nigeria is non-negotiable and called on all stakeholders in the country to reject anything that would cause confusion in the land.
He lamented, "One Mr. Sunday Igboho issued a press statement in which he was...