Economy

GTBank Boosts Earnings by 39% in Three Months

Published

8 years ago

27/04/2017

By Dipo Olowookere

Guaranty Trust Bank (GTBank) has continued to show how strong and reliable it is despite operating in a harsh business environment. It has also shown why it is a big force to reckon with in the banking industry in Nigeria and Africa at large.

In its unaudited financial results for the first quarter ended March 31, 2017 released to the Nigerian and London Stock Exchanges, the lender showed positive performance across all financial indices, further reaffirming its position as one of the most profitable and well managed financial institutions in Africa.

Gross earnings for the period grew by 39 percent to N104.66 billion from N75.39 billion reported in March 2016; driven primarily by growth in interest income.

Also, profit before tax stood at N50.39 billion, representing a growth of 64 percent over N30.68 billion recorded in the corresponding period of March 2016.

The bank’s loan to customers dipped marginally by 2 percent from N1.591 trillion recorded in December 2016 to N1.563 trillion as at March 2017.

Deposit from customers grew marginally by 1 percent from N1.986 trillion in December 2016 to N2.012 trillion in March 2017.

The financial statement showed that the bank’s balance sheet remained strong with a 1.6 percent growth in Total Assets as it closed the quarter ended March 2017 with Total Assets of N3.16 trillion and Shareholders’ Funds of N546.9 billion.

GTBank’s non-performing loans remained low and within regulatory threshold at 3.62 percent (Bank: 3.27 percent) with adequate coverage of 231.6 percent (Bank: 266.6 percent). Capital remains strong with CAR of 20.03 percent.

On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 31.55 percent and 5.28 percent respectively.

Commenting on the financial results, Managing Director/CEO of GTBank, Mr Segun Agbaje, stated that, “Given the significant progress we made in 2016, we came into the year better equipped to navigate any further economic headwinds, and our performance in the first quarter demonstrates our ability to deliver sustainable long-term growth.

“We remain committed to maximizing shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.”

He further stated that, “As we transform our organization into a platform for enriching lives, we are providing our customers with information and access they need to thrive.

“We are also leveraging our brand and networks to support small businesses through free business platforms and capacity building initiatives.”

GTBank has consistently played a leading role in Africa’s banking industry and reported the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 31.55 percent and a cost to income ratio of 38.75 percent, evidencing the efficient management of the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry.

Economy

NASD Exchange Drops 0.53% in Week 17 of 2025 Amid High Trading Volume

Published

2 hours ago

28/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange decreased by 0.53 per cent on a week-on-week basis in Week 17 of the 2025 trading year.

This depleted the market capitalisation of the bourse by N10.14 billion in the four-day trading week to N1.914 trillion from the N1.924 trillion recorded in the previous week and the NASD Unlisted Securities Index (NSI) slid by 17.32 points to 3,269.06 points from the 3,286.38 points posted in Week 16.

There were only four trading days last week due to the Easter break stretching into the new week, though the market witnessed a higher turnover.

The volume of securities bought and sold by the market participants soared by 293,055.9 per cent to 3.9 billion units from the 1.33 million units recorded a week earlier, and the value of shares skyrocketed by 33,661.6 per cent to N9.9 billion from the N29.35 million achieved in the preceding week.

The most traded security by value for the week was Infrastructure Credit Guarantee (InfraCredit) Plc with N9.5 billion, Geo-Fluids Plc recorded N355.4 million, FrieslandCampina Wamco Nigeria Plc traded N7.2 million, Central Securities Clearing System (CSCS) Plc transacted N3.8 million, and Afriland Properties Plc posted N2.5 million.

Also, InfraCredit Plc was the most traded instrument by volume with 3.7 billion units, Geo-Fluids Plc transacted 207.7 million units, UBN Property Plc recorded 1.04 million units, FrieslandCampina Wamco Nigeria Plc traded 0.201 million units, and CSCS Plc exchanged 0.178 million units.

Five securities ended on the losers’ table, with FrieslandCampina Wamco Nigeria Plc leading after shedding 6.0 per cent to end at N35.37 per share compared with the previous week’s N37.64 per share.

Further, 11 Plc fell by 3.8 per cent to close at N236.25 per unit versus N245.50 per unit, UBN Property Plc lost 3.2 per cent to trade at N2.10 per share versus N2.17 per share, CSCS Plc declined by 1.8 per cent to N21.71 per unit from N22.10 per unit, and Afriland Properties Plc slumped by 0.1 per cent to N17.78 per share from N17.80 per share.

Economy

Nigerian Stocks Attract N56.025bn Investment in Four Days

Published

3 hours ago

28/04/2025

Dipo Olowookere

By Dipo Olowookere

A total of 1.854 billion shares worth N56.025 billion were transacted in 51,386 deals at the Nigerian Exchange (NGX) Limited last week compared with the 1.525 billion shares valued at N43.006 billion traded a week earlier in 51,156 deals.

The market was opened for business in the week for four days because of the public holiday observed last Monday for Easter.

In the week, the financial services sector led the activity chart with 1.266 billion stocks valued at N29.400 billion exchanged in 24,351 deals, contributing 68.28 per cent and 52.48 per cent to the total trading volume and value, respectively.

The ICT industry followed with 136.707 million stocks worth N12.472 billion in 2,974 deals, and the consumer goods space traded 118.617 million equities for N4.415 billion in 5,869 deals.

The trio of Fidelity Bank, Access Holdings, and GTCO accounted for 797.873 million shares worth N22.043 billion in 8,618 deals, contributing 43.03 per cent and 39.34 per cent to the total trading volume and value, respectively.

Business Post reports that 64 equities appreciated in the four-day trading week versus 31 equities in the previous week, 27 equities depreciated versus 44 equities in the previous week, and 57 equities remained unchanged versus 72 equities recorded in the previous week.

International Breweries topped the gainers’ log with a 40 per cent rise to settle at N7.70, NASCON appreciated by 26.22 per cent to N52.95, Africa Prudential expanded by 25.64 per cent to N17.15, Vitafoam Nigeria rose by 21.22 per cent to N44.85, and Ikeja Hotel jumped by 21.00 per cent to N12.10.

On the flip side, VFD Group topped the losers’ chart with a decline of 82.19 per cent to trade at N17.10, John Holt lost 18.60 per cent to finish at N6.30, Dangote Cement shed 10.00 per cent to close at N432.00, Tripple Gee crashed by 10.00 per cent to N1.98, and Haldane McCall depreciated by 9.96 per cent to N4.70.

The All-Share Index (ASI) and the market capitalisation appreciated by 1.46 per cent and 1.47 per cent each to close at 105,752.61 points and N66.465 trillion, respectively.

Similarly, all other indices finished higher apart from the premium, energy, industrial goods, growth and sovereign bond indices, which depreciated by 0.43 per cent, 0.07 per cent, 3.44 per cent, 0.41 per cent and 0.06 per cent, respectively.

Economy

NECA Commits to Strengthening MSMEs Ecosystem as Fair Holds May 6

Published

4 hours ago

28/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has expressed its commitment to strengthening the Micro, Small and Medium Enterprises (MSMEs) ecosystem in Nigeria.

The Director-General of NECA, Mr Adewale Smatt Oyerinde, made the commitment while announcing the 2025 edition of the flagship MSMEs Fair scheduled to hold on Tuesday, May 6, 2025, at NECA House, Alausa, Lagos.

Mr Oyerinde said MSMEs are the lifeblood of the economy, noting that the Fair is designed to empower them with the tools, knowledge, and networks needed to thrive.

This year’s Fair will feature a keynote address by Mrs Adenike Adeyemi, CEO of FATE Foundation, a leading organization in enterprise development. Her address is expected to highlight innovative approaches to MSME sustainability and growth in Nigeria’s dynamic economy.

A major highlight of the fair will be the presence of key regulatory agencies, which will engage directly with entrepreneurs to address critical pain points around licensing, compliance, taxation, and business registration. This regulatory dialogue aims to demystify bureaucratic processes and promote a more enabling environment for enterprise development.

Themed Galvanizing MSMEs for Economic Growth and Stability, the event will bring together financiers, tech experts, regulators, and business leaders to offer practical insights, strategic guidance, and real-time business support to participants. Entrepreneurs will have the opportunity to exhibit their products and services, engage with potential investors, and connect with stakeholders across various sectors.

The fair will also feature exhibitions by entrepreneur across sectors, which will give them the opportunity to showcase their products and services to the public.

The programme offers entrepreneurs a platform to be enlightened on business development strategies, digital transformation, access to finance, and market expansion—equipping MSMEs with actionable knowledge for long-term success.