Banking
GTBank Grows Deposits from Customers to N4.0trn in One Year
By Dipo Olowookere
Tier-one banking institution in Nigeria, Guaranty Trust Holding Company (GTCO) Plc, has continued to grow stronger, maintaining its position as one of the most formidable financial organisations in the country.
Over the week, the company released its audited financial statements for the year 2021 and from the analysis, most people rely on the firm for their financial transactions.
Business Post observed that GTCO increased its deposits from customers by 14.3 per cent in the period under review to N4.0 trillion from N3.5 trillion in the 2020 fiscal year, while the loan book jumped to N1.8 trillion from N1.7 trillion.
However, the bottom-line of the results was not impressive as the profit before tax dipped by 7.0 per cent to N221.5 billion from N238.1 billion, while the profit after tax went down by 13.2 per cent to N174.8 billion from N201.4 billion.
As for the top-line, it was a similar situation as the interest income dropped to N251.5 billion from N288.3 billion achieved a year earlier and with an interest expense of N46.3 billion versus N47.1 billion in 2020, GTCO closed December 31, 2021, with a net interest income of N220.6 billion as against N253.7 billion it posted in the corresponding year.
It was observed that with the support of account maintenance charges, e-business income and others, the lender was able to raise revenue from fee and commission to N74.1 billion from N53.2 billion in the same period of 2020, while the fee and commission expenses rose to N8.5 billion from N6.3 billion mainly due to bank charges and loan recovery costs.
Personnel costs, however, were pruned to N33.4 billion from N37.6 billion, while other operating expenses increased to N93.5 billion from N78.7 billion.
In the results filed to the Nigerian Exchange (NGX) Limited and the London Stock Exchange (LSE), the Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.8 per cent while asset quality was sustained with a non-performing loan (NPL) ratio of 6.0 per cent based on IFRS (6.92 per cent based on CBN Prudential Guidelines), representing a marginal improvement over IFRS 6.4 per cent impaired ratio and a slight increase over FY 2020 6.86 per cent CBN Prudential Guideline NPL ratio, with the Cost of Risk improving to 0.5 per cent from 1.2 per cent during the same period.
In terms of significant performance metrics, the group maintained a decent showing with post-tax Return on Equity (ROAE) of 20.6 per cent, post-tax Return on Assets (ROAA) of 3.4 per cent and Cost to Income Ratio (CIR) of 42.3 per cent.
Speaking on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our stakeholders in spite of the challenges in the business environment and shifting economic conditions. As a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”
He further added, “2021 presented a crucial opportunity as we took strategic steps to reorganize our business and advance our position as a leading financial services company.
“With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments.
“Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”
GTCO Plc is a fully-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including Payment, Funds Management and Pension Fund Management.
With over 25 million customers and more than 10,000 employees, the Group remains one of the most profitable and best managed financial services companies out of Nigeria.
Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years including Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.
By Adedapo Adesanya
Standard Chartered has launched its ninth sub-fund under its Variable Capital Company (VCC) platform, partnering with Allianz Global Investors (AllianzGI) as the sub-manager to provide eligible clients with access to a gold-focused investment strategy.
The new Signature Select Enhanced Gold Income Fund combines exposure to gold with an enhanced income-generation strategy. The fund invests in gold exchange-traded funds (ETFs) and uses a covered call strategy to seek regular income while allowing investors to participate in the potential long-term appreciation of gold.
Standard Chartered said gold could help diversify investment portfolios because of its relatively low correlation with traditional asset classes and its potential to provide resilience during periods of geopolitical, monetary and market uncertainty.
The fund is available from this month to Accredited and Professional Investors across the Bank’s Priority, Priority Private and Private Banking segments in Hong Kong, Singapore, the United Arab Emirates, Jersey, Kenya and Nigeria. Taiwan is expected to be added later in 2026.
AllianzGI, which has more than 700 investment professionals globally as of March 31, 2026, will provide investment management expertise for the fund.
Its Global Multi Asset Team will be responsible for options selection and the day-to-day management of the portfolio, drawing on its experience in portfolio construction, derivatives implementation, risk management and multi-asset investing across different market cycles.
Mr Sumeet Bhambri, Global Head, Advisory and Managed Investments, Wealth Solutions, Standard Chartered, said the partnership with AllianzGI would strengthen the bank’s latest VCC fund and provide clients with a differentiated investment strategy.
“As clients seek greater diversification amid an increasingly uncertain market environment, the fund provides access to a differentiated strategy that combines gold’s portfolio diversification benefits with enhanced income potential,” Mr Bhambri said.
He added that the launch reflected Standard Chartered’s commitment to expanding its wealth platform through strategic partnerships and delivering innovative investment solutions to clients.
On his part, Mr Marc Gualandi, Head of Global Banks at Allianz Global Investors, said the fund was designed to give investors exposure to gold’s long-term value proposition while generating income through an active options strategy.
“We believe gold can play an important role as a long-term allocation within a well-diversified portfolio,” Mr Gualandi said.
He said AllianzGI would leverage its expertise in income strategies, portfolio construction and risk management to help investors pursue income and long-term portfolio resilience.
Standard Chartered established its VCC platform in June 2024 to combine the expertise of leading fund managers with its global asset-class specialists and provide clients with access to customised investment strategies.
The latest launch brings the total number of sub-funds on the platform to nine and marks Standard Chartered’s fourth fund launch in 2026.
By Modupe Gbadeyanka
Sewa Capital Investment, an investment banking and financial advisory firm focused on supporting high-growth businesses across Africa, has made a strategic investment in Mathesis Analytics, a Nigerian financial technology company providing Artificial Intelligence (AI)-powered credit decisioning infrastructure.
The investment is expected to support Mathesis Analytics’ expansion drive for its AI-powered credit infrastructure in Nigeria.
Currently, Nigerian lenders face a critical structural gap: the fragmentation of verifiable consumer data makes it difficult to accurately price risk at scale. Mathesis directly addresses this bottleneck by aggregating disparate transactional and behavioural data into a real-time measure of creditworthiness.
The investment will support product development, institutional integrations, expansion of Mathesis’ lender network, and the strengthening of its data and technology infrastructure, a statement from the fintech firm stated.
By embedding this infrastructure, financial institutions can expand underwriting capacity, support more accurate risk-based lending decisions, and reach new market segments without compromising established risk thresholds.
For Mathesis Analytics, this investment represents an important milestone in its strategy to build Africa’s next-generation credit infrastructure to drive true financial inclusion.
Mathesis has already supported more than 8 million loans for over 2 million unique borrowers in Nigeria, providing a substantial operating base from which to deepen institutional adoption and expand into additional markets.
The company will leverage Sewa Capital’s backing to accelerate the expansion of its institutional footprint.
“At Sewa Capital, we are interested in businesses building the infrastructure that enables African economies to allocate capital more efficiently and inclusively.
“Mathesis Analytics is addressing a fundamental constraint in credit markets: the information gap that limits lenders’ ability to assess risk confidently.
“Its technology has the potential to expand responsible access to credit in Nigeria and, over time, across Africa. We are pleased to support the team through its next phase of growth,” the Managing Director of Sewa Capital, Ms Angela Jide-Jones, commented.
The chief executive of Mathesis Analytics, Mr Winston Osuchukwu, in his reaction, said, “Credit inclusion begins with information visibility.
“Partnering with Sewa Capital accelerates the rollout of our infrastructure; equipping a wider network of lenders with the capabilities required to accurately evaluate risk and ultimately deliver credit services to previously excluded populations across the continent.”
By Aduragbemi Omiyale
Eligible innovators, financial institutions, Virtual Asset Service Providers (VASPs), financial technology (fintech) companies, and technology firms have been invited to apply for the second cohort of the Central Bank of Nigeria (CBN) Regulatory Sandbox Programme.
A statement signed by the acting Director of Corporate Communications and Investor Relations Department of the apex bank, Mrs Hakama Sidi-Ali, disclosed that entries opened on Wednesday, August 12, 2026, and will close on Monday, August 31, 2026.
Cohort 2 of the initiative introduces two dedicated testing tracks to support emerging technologies with the potential to strengthen Nigeria’s financial system while upholding high standards of consumer protection, financial stability, and market integrity.
According to the central bank, the two tracks are VASP and Data-Enabled Financial Services (Non-VASP).
VASP track is to support innovative virtual asset, stablecoin, payment, settlement, custody, wallet, and related financial infrastructure solutions that require supervised live testing, while the non-VASP track supports innovations that leverage secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency, and consumer outcomes.
The CBN Regulatory Sandbox provides a controlled environment in which eligible participants may test innovative financial products, services, business models, and enabling technologies under the supervision of the CBN.
The programme enables the CBN and innovators to engage constructively throughout the testing process, supporting regulatory learning while encouraging responsible innovation that benefits consumers and the wider financial system.
Eligible organisations whose proposed innovations fall within the programme’s scope are encouraged to apply.
Applications will be assessed based on the level of innovation, readiness for controlled live testing, potential consumer or market benefit, governance arrangements, risk management capability, and the suitability of the proposed testing plan.
Successful participants will undertake supervised testing within clearly defined parameters agreed with the CBN, including appropriate safeguards for consumer protection, operational resilience, cybersecurity, and regulatory reporting.
The central bank emphasised that participation in the scheme does not constitute a licence, authorisation, or approval to operate outside the approved testing parameters.
It noted that the Sandbox is intended to facilitate responsible experimentation, strengthen regulatory engagement, and support evidence-based policy development in line with the CBN’s statutory mandate.
