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GTCO Grows Net Profit by 218.9% in FY23, Declares N2.70 Final Dividend

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GTCO Food and Drink 2024

By Dipo Olowookere

Guaranty Trust Holding Company (GTCO) Plc recorded an impressive performance in the 2023 fiscal year with 184.5 per cent growth in its pre-tax profit to N609.3 billion from the N214.2 billion achieved in the 2022 financial year.

An analysis by Business Post of the audited financial statements of the company released to the Nigerian Exchange (NGX) Limited and the London Stock Exchange (LSE) on Monday showed that the net profit went up by 218.9 per cent to N539.6 billion from N169.2 billion.

The board then proposed a final dividend of N2.70 for the accounting year, bringing the total dividend for the year to N3.20 as a result of an interim dividend of 50 Kobo paid in the first half of the year.

The top end of the results showed that GTCO witnessed a surge in gross earnings, which ended at N1.2 trillion in the period under review compared with the N539.2 billion posted in the preceding year, with the net interest income growing to N436.7 billion from N259.3 billion.

As for the net loan book, it increased by 31.5 per cent to N2.48 trillion from N1.89 trillion recorded as of December 2022, while deposit liabilities grew by 63.7 per cent to N7.55 trillion from ₦4.61 trillion.

The financial institution’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion, respectively.

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.2 per cent in December 2023 from 5.2 per cent December 2022.

However, Cost of Risk (COR) closed at 4.5 per cent from 0.6 per cent in December 2022 owing to worsening macros which caused significant increase in ECL variables.

“The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals.

“Harnessing the Group’s synergies yielded a strong performance, allowing us to strengthen our foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld,” the chief executive of GTCO, Mr Segun Agbaje, stated.

He added that, “In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve. As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders.”

Overall, GTCO continues to post one of the best metrics in the Nigerian Financial Services industry in

terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 50.6 per cent, Pre-Tax Return on Assets (ROAA) of 7.6 per cent, Full Impact Capital Adequacy Ratio (CAR) of 21.9 per cent and Cost to Income ratio of 29.1 per cent.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance.

GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Banking

Access Bank Secures Certification for Privacy Information Management

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Access Bank Access Tower

By Modupe Gbadeyanka

For its consistent commitment to the highest levels of data privacy, security, and compliance, Access Bank Plc has been awarded the ISO/IEC 27701:2019 Certification for Privacy Information Management Systems.

The scope of the certification encompasses the management, processing, and protection of Personally Identifiable Information (PII) related to customers, employees, and third parties across the entire organisation.

It covers all physical and digital assets, processes, and information systems engaged in the collection, storage, processing, sharing, and disposal of PII throughout the bank.

The Statement of Applicability, version 15.0, dated March 27, 2025, demonstrates Access Bank’s role as both a PII Controller and a PII Processor, ensuring a robust framework for safeguarding sensitive information at every stage of its lifecycle.

The certification is referenced under ISMS Certificate, No. IS 583140 and affirms that the lender operates a Privacy Information Management System (PIMS), which fully complies with the rigorous requirements of ISO/IEC 27701:2019.

It reflects the bank’s proactive approach to privacy management, its investment in state-of-the-art security infrastructure, and its commitment to building trust with stakeholders and the broader community.

“Achieving the ISO/IEC 27701:2019 certification is a testament to Access Bank’s proactive approach to information security, Data Protection and Privacy, which reflects our commitment to safeguarding the trust our customers place in us, and our culture of continuous improvement.

“It demonstrates our dedication to adopting global best practices and reinforces our position as a leader in privacy information management across the financial services sector.” The Chief Information Security Officer/Data Protection Officer of Access Bank, Favour Femi-Oyewole, said.

Also, the Executive Director for IT and Digitisation at Access Holdings Plc, Lanre Bamisebi, said, “Securing the ISO/IEC 27701:2019 certification marks a pivotal milestone in Access Bank’s journey to embed privacy and data protection at the heart of our digital strategy. It also underscores the strategic investments we continue to make in digital innovation.

“This achievement reflects our unwavering commitment to building resilient systems that not only meet global standards but also anticipate the evolving expectations of our customers and regulators. It is the result of deliberate cross-functional collaboration and a forward-thinking approach to governance and trust.”

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Banking

Stanbic IBTC Bank Reaffirms Commitment to Inclusive Growth

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Stanbic IBTC Bank Home Loan Summit

By Modupe Gbadeyanka

Stanbic IBTC Bank has reiterated its commitment to inclusive growth, especially by providing support to female business owners because of their vital role in Nigeria’s economy.

The bank in a statement said it created the Blue Blossom Account in recognition of the positive impact of women entrepreneurs in society, as they drive innovation, create jobs, and build resilient businesses.

It stressed that focusing on women-led businesses helps to build a more inclusive and vibrant economy. Supporting women is not just the right thing to do—it’s a smart investment in Nigeria’s future, the lender said.

Stanbic IBTC Bank noted that the Blue Blossom Account was designed to help women overcome common financing challenges, as it provides easier access to business finance in line with the Central Bank of Nigeria’s Sustainable Banking Principles.

Women business owners enjoy zero current account maintenance (CAM) fees, concessionary loan rates, and access to business clinic sessions. These benefits make the Blue Blossom Account more than just a product—it’s a practical tool for growth.

Stanbic IBTC Bank said it also offers lending solutions like SME Lite and SME EZ Cash. These options help women-led businesses secure working capital, fund expansion, or invest in new opportunities. With flexible terms and accessible financing, the bank is assisting more women grow their businesses.

Support goes beyond finance. Through its SME Collab customer value proposition, the bank offers training and curates events to help women manage their businesses and connect with other entrepreneurs.

A key highlight is the Bloom Weekend, an empowerment event that brings together thousands of women entrepreneurs, professionals, and leaders. The event features masterclasses, financial advisory, and a vibrant trade fair where women showcase their businesses. It also provides an avenue for networking and having fun.

Digital tools also play a role. With POS terminals, the Enterprise Online internet banking platform, and the SME Mobile App, women entrepreneurs can manage payments and cash flow more efficiently. These solutions make it easier to run a business and reach more customers.

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Banking

Zenith Bank Honours Pioneer Customers, Long-Serving Staff at 35

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zenith bank at 35

By Dipo Olowookere

Over the weekend in Lagos, Zenith Bank Plc rolled out drums for its pioneer customers and members of staff, who have served meritoriously for 25 years and above.

The event, which precisely took place at the Eko Hotel and Suites on Friday, August 15, 2025, brought together key stakeholders of the bank, including customers, staff (past and present), regulators, partners, and friends for the 35th anniversary of the company.

Zenith Bank was established in May 1990 and has since grown into one of Africa’s leading financial institutions with branches across the 36 states of the federation and the FCT, Abuja, as well as subsidiaries in the United Kingdom, Ghana, Sierra Leone, Gambia, France, UAE and a representative office in China.

The chief executive of the lender, Ms Adaora Umeoji, in her welcome address, described the chairman of Zenith Bank, Mr Jim Ovia, as “the godfather of modern banking and the Nostradamus of our time, who through sheer tenacity, foresight, and uncompromising integrity transformed a modest vision into the financial powerhouse we celebrate today.”

On his part, Mr Ovia thanked the bank’s esteemed customers and shareholders for their trust, confidence and shared vision; the regulators, for their guidance over the years; his friends and partners, for being a constant source of strength; the Zenith Bank family led by Ms Umeoji, for their loyalty and commitment; and his beloved wife and family for their love and support.

The Vice President of Nigeria, Mr Kashim Shettima, who once worked at Zenith Bank and was present at the event, said, “Long before technology became the bloodstream of global finance, Jim Ovia had already woven it into the DNA of Nigerian banking industry.

“He introduced innovation not as a fashion but as a philosophy, placing Zenith Bank on a path where excellence is not an ambition but a standard. Yet his true signature is not only on the balance sheet.

“For Jim Ovia, the people make an institution. His greatest investment has been in human capital – in transferring his experience and sense of adventure to generation after generation of bankers and investors forged at Zenith Bank.”

Others present at the ceremony were the Governor of Lagos State, Mr Babajide Sanwo-Olu; the Governor of Ondo State, Mr Lucky Aiyedatiwa; the Governor of Taraba State, Mr Agbu Kefas; the Governor of Borno State, Mr Babagana Zulum; the Governor of Delta, Mr Sheriff Oborevwori, represented by the Deputy Governor, Mr Monday Onyeme; former Governor of Anambra State, Mr Peter Obi; former Governor of Akwa Ibom State and ex-Executive Director of Zenith Bank, Emmanuel Udom; and Africa’s richest man, Mr Aliko Dangote; among others.

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