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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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Zenith Bank Unveils SME Digital Workshop For Business Owners, Partners Facebook + How To Register

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Foremost financial institution, Zenith Bank Plc is organizing a free one-day session for SMEs on how Facebook, Instagram, Whatsapp, and other digital channels can be used to engage potential prospects, market offerings and grow business volumes.

To register attendance, please send an email titled ‘Zenith Bank SME Digital Workshop’ to smepartnership@zenithbank.com.

The email should contain the following information: Name of the participant, account number and preferred venue of attendance

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UBA Deepens Intra-African Trade With UBA Connect

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United Bank for Africa (UBA) Plc, has introduced  UBA Connect, a service that enables the   customers of the bank to conduct traditional banking transactions at any UBA branch in the 20 African countries where the bank operates.

The service, which is available to both customers and non-customers alike, is expected to encourage intra-African trade, as cash withdrawal can now be done in local currencies within the continent while deposits can also be made at any location regardless of where the account is domiciled.

The Chief Executive Officer, UBA Group, Mr. Oliver Alawuba, who spoke about the product, said, “Africa stands to benefit substantially from intra-Africa trade, which is facilitated by the easy flow of capital within the continent. As a bank committed to creating superior value for all its stakeholders, we are focused on ensuring that we continue to contribute significantly to the development of Africa by improving accessibility and trade with UBA Connect, among other innovative services.”

He explained that the new offering allows easy transfers to UBA accounts across African countries as well as cash deposit into UBA accounts at any of the bank’s locations in Africa, adding that the cash will be dispensed to customers in local currencies at competitive exchange rates.

Group Head, Marketing, Mrs. Dupe Olusola, said, “We’re thrilled to be able to offer our customers the ease and convenience of UBA Connect. This is in addition to an array of digital platforms which have made banking seamless for more than 12 million people who have trusted us with their money.

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Fidelity Bank Presents Prizes To Promo Winners

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Fidelity Bank Plc on Monday gave out cash and gift prizes to winners in its ongoing Get Alert in Millions (GAIM) promo Season 4  promo held in Lagos.

Two customers, Omolade Olatawura and Isabella Chekwube received N1 million each.

At the prize presentation held at the Ska Tinubu branch of the bank, Victoria Island, Lagos, Managing Director/CEO, Nnamdi Okonkwo, noted it is the bank’s ninth promo in 13 years.

Okonkwo, represented the Executive Director, Shared Services and Products, Chijioke Ugochukwu, added that the bank is improving people’s living standard.

Thirteen  customers of  the bank last week, emerged millionaires in the third monthly draw of the GAIM promo Season 4 in Lagos.

The bank also rewarded loyal customers with prizes worth N16 million in the categories of N2 million and N1 million. The bank presented consolation prizes in form of fridges, television sets and power generating sets to winners who were happy with the gesture.

The presentation  was witnessed by the relevant regulatory bodies, including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB) and Consumer Protection Council (CPC).

They include Dare Abiodun Emmanuel; Ugwu Philomena Nneka; Chinenye Catherine Olunna; Egberi Agbarha Kelvin; Ivang Stanley Oham; Chinelo Loveth Egbuchunem; Dare Abiodun Emmanuel; Itabiyi Gbolahan Olakunle Hassan & Adejoke Jokotade; Larei Chindo; Chigozie Darlington Emoka; Khadijah Umar; Muazzam Ad Maizare; Isabella Chekwube Uche; and Omolade Bamitale Olatawura.

Others are Joseph James Abah; Oghenetega Emmanuel Erus; Blessing Chidinma Okafor; Loveline Uche Okonkwo; Nafisat Ali Lawal; Comfort Ita Asuquo; Mohammed Halima Sadiya, among others.

The Regional Bank Head, Victoria Island branch, Chinwe Iloghalu, said: “We have had the GAIM promo for 13 years and we are already creating millionaires in 2020 and this is such a big win for Fidelity Bank. The objective of this promo is to deepen the savings culture and improve domestic businesses and so far we will always remain that bank that keeps to its word.”

Shedding light on how customers could qualify for the draw, Head, Savings Group, Fidelity Bank, Janet Nnabuko, stated that existing and new customers could win by topping their account with N10,000 or opening a new account and building it up to N20,000.

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