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GTBank Releases Q1 2019 Unaudited Results…Reports Profit before Tax of N57.0Billion

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Guaranty Trust Bank plc has released its unaudited Financial Results for the quarter ended March 31, 2019 to the Nigerian and London Stock Exchanges.

The Bank recorded positive performance across all financial metrics with gross earnings for the period growing by 1.2% to ?110.3billion from ?109.0billion posted in March 2018. Profit before tax improved to ?57.0billion from ?52.6billion recorded in the corresponding period of March 2018, representing a growth of 8.3%. Customers’ deposits also rose by 6.0% to ?2.410trillion in March 2019 from ?2.274trillion in December 2018, whilst the Bank’s Loan book grew by 1.6% from ?1.262trillion as at December 2018 to ?1.282trillion in March 2019.

Balance sheet remained strong with the Bank closing the quarter ended March 31, 2019 with Total Assets of ?3.556trillion and Shareholders’ Funds of ?627.2Billion. In terms of Assets quality, NPL ratio and Cost of Risk closed 7.03% and 0.05% in March 2019 from 7.30% and 0.34% in December 2018 respectively. In addition, coverage for NPL stood at 90.12% while Full Impact Capital adequacy ratio remained very strong, closing at 22.25%. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 32.79% and 5.76% respectively. These indices are pointer to GTBank’s strategic positioning in Nigeria and other Countries where the Group operates.

Commenting on the first quarter results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

He further stated that; “Whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organizing the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and access to the markets that they need to grow.”

GTBank has continued to be best in class in terms of Profitability, Efficiency and Capital among Peers and other Financial Institutions in Nigeria. This is evidenced by its Earnings per Share of ?1.74, Return on Equity (ROAE) of 32.79%, Cost to Income Ratio of 38.64% and Capital Adequacy of 22.25%. These metrics 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 recent awards include 2018 Bank of the Year – Nigeria from the Banker Magazine and 2018 Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine. 

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Sola Sobowale, Patience Ozokwor in battle for supremacy in new Glo TVC

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The perennial rivalry between Nollywood jewels, Sola Sobowale aka “Toyin Tomato” and Patience Ozokwo alias “Mama Gee”, has been taken to new heights in the new television commercial recently released by Nigeria’s number one corporate promoter of Arts and Entertainment, Globacom.

In the commercial titled “Baby Babble”, Globacom demonstrates the exceptional speed, quality, reach and efficiency of the Glo 4G service. The duo re-enacted the petty jealousies and animosities underpinning relationships among some female traders who tried to “out-do” each other in all areas of endeavour.

The conflict took place in a supermarket where Sola Sobowale claimed that Patience Ozokwo was stalking her and called her “Follow-follow”. A clash then ensued first with the trolley race which Patience won when Sola was blocked by a cleaner preventing her from getting to the cashier point first.

On getting to the cashier, they both struggled to placate a tearful child with Patience saying, “she does not want over ripe things” and Sola labeling her “dudu by nature”. Patience, thereafter, put a call to her daughter, acted by Uche Nwaefuna, to send her a child’s placatory video which landed instantly on her phone and I-pad which was downloaded in a jiffy. It was a smart way to show the efficiency of the Glo data network. Sola Sobowale took Patience’s ipad and used it to lull the baby. The child was comfortedand even laughed at the video, while the appreciative mother (Bimbo Thomas) who suddenly realised that the baby had gone quiet, thanked Sola Sobowale for the gesture, thinking that she was the owner of the i-pad.

The video elicited laughter from the child.  Patience, on realizing that her rival was having the upper hand, snatched the ipad,  leaving Sola Sobowale with a smug smile of victory in the “who can lull the baby” challenge.

Patience Ozokwo and Sola Sobowale have regularly been cast as alter egos in films, skits and television commercials where they antagonize each other to entertain the audience with compelling stories enacted to resonate with the target audience.

The new TVC is a sequel to an earlier one which featured the duo and Juju musician, King Sunny Ade.

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Tambuwal, Reps Members, Other Top Nigerians Storm 20th El-Amin International School Graduation Day

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It was a 2-day programme to mark the 20th Graduation day of the El Amin International Schools, Minna. Undoubtedly, the school founded by the late First lady, Maryam Babangida has not only outlived her but has continued to grow in leaps and bounds.

The first event, for parents was the pre-graduation dinner party which was  well attended. Then came the graduation day proper.  His, Excellency the Governor of Sokoto State, Aminu Tambuwal was the Guest of honour at the event and chief launcher of the school’s KS 2019 magazine .

In attendance, were royal fathers from around the state, notable amongst them were the Emir of Minna and Emir of Agaie. It didn’t stop there. Members of the Federal House of Representatives, Commissioners, parents, guests and well wishers also came around. It was indeed a very colourful event.

The event was much as an epoch as it marked the 20th Graduation ceremony of students from the school as it was also important  in the life of the 47 young boys and girls who graduated.

Major highlights were the presentation of certificates to the graduates by the Governor of Sokoto State Aminu Tambuwal, the overall best student award which went to Zainab Malabu for being the best student in 7 major subjects. She got cash awards , a macbook laptop and a tablet courtesy of the Executive director. Earlier, in his Graduation Day Speech, the Executive Director of the Schools, Dr Muhammad Babangida , ‘This will be the tenth time we are gathering for an event like this following the demise of our visionary leader and founder of EL-Amin International Schools, the Late Dr. [Mrs.] Maryam Babangida, May Allah grant her Eternal rest in Aljanatu Firdaus.

Speaking further, he revealed that ‘when she established her schools in Minna and Abuja, over 24 years ago, one of her abiding vision was to provide quality education in an enabling and inspiring environment. While she lived this was being achieved; but now that she has gone the way of all mortals, the question has become, “Is her vision still on track ? I could answer that question with figures but I would rather mention it as I know best.’ According to him, the parents  and friends of the school are still here and their number are growing. Moreover, ‘there is an increased confluence of determination and enthusiasm to keep the founders flame burning. And the truth is that her Legacy is being sustained and enhanced and God willing by September 2019, El-Amin secondary school will be celebrating 25 years of purposeful Leadership and excellence in the Education Sector’.

Speaking further Dr Babangida revealed that ‘at El-Amin, we believe in inquiry-based learning. Students are challenged to go beyond the accumulation of factual knowledge and to address the greater questions that frame our world. We celebrate creativity and originality as vital qualities that equip individuals to reach new horizons of knowledge, appreciation and understanding. Students who leave EL-Amin are typically confident, gregarious, dynamic, entrepreneurial, and empathetic. They try new things; they ask probing questions; they dare.

This, according to him has helped in sustaining the big legacy the management inherited from founder

The Elites NG

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Access Bank wins Karlsruhe Sustainable Finance Award

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Africa’s leading financial institution, Access Bank, has emerged winner of the 2019 Karlsruhe Sustainable Finance Awards for “Outstanding Business Sustainability Achievement” for the 4th consecutive time. The award was received in recognition of the Bank’s unwavering commitment towards embedding social, environmental and economic sustainability into its core business strategy that helps address issues across its business operations and value chain.

The prestigious award was presented to the Bank’s GMD/CEO, Herbert Wigwe at the award ceremony which took place on July 11th, 2019 at the City Hall of Karlsruhe, Germany and was attended by C-level executives, CEOs of leading global financial institutions, top German government officials, policy makers, regulators and key sustainability stakeholders.

The Global Sustainable Finance Awards in Karlsruhe honour financial institutions and related organizations and Presidents/ CEOs with significant contributions to the field of sustainable banking and finance. The awards also aim to promote the growth of sustainable financial instruments and markets worldwide, particularly in the fields of green finance and investments, financial inclusion and social finance, green equity and venture capital as well as the holistic integration of sustainability in financial institutions.

Wigwe stated that “the global finance sector plays a major role in the economy, as they provide huge amounts of capital and have the ability to influence other companies and customers across sectors through their products and services. Many banks are now placing a great deal of emphasis on driving sustainability as well as digitizing core business processes and reassessing organizational structures to be better prepared for the future of banking. This transformation illustrates the increasing desire to become a sustainable and digital bank.

“Access Bank has a corporate strategy and philosophy which places sustainability at its core. Together with our commitment to the United Nations Sustainable Development Goals, Access Bank recently launched a five-year tenured, fixed rate green bond worth N15 Billion which is the 1st Climate Bonds Initiative Certified corporate green bond in Africa”, he said.

Access Bank remains committed to setting standards for sustainable business practices, adopting innovative solutions to build a future that is desirable, as it becomes the World’s most respected African bank. The Bank continues to make positive contributions to people and planet, in effect paving the way for its own longevity and continued profitability, making the case for sustainability to businesses everywhere.

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