Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges.
The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ?115.8billion, representing a growth of 5.6% over?109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ?1.262trillion recorded as atDecember 2018 to ?1.274trillion in June 2019 and customer deposits increased by 6.3% to ?2.418trillion from ?2.274trillion in December 2018.
The Bank closed the half year ended June 2019 with Total Assets of ?3.598trillion and Shareholders’ Funds of ?603.0Billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively.The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2019.
Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”
He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”
The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency 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 these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.
Facebook employee reportedly commits suicide by jumping from office building
A Facebook employee has reportedly committed suicide by jumping from the fourth floor of Facebook’s headquarters in California.
According to TIME, the unnamed Facebook employee reportedly jumped from the fourth floor of one of the company’s headquarters in Menlo Park, California. He was found unresponsive and declared deceased at the scene shortly after 11:30 a.m. Thursday, September 19, according to the Menlo Park police department.
A spokesperson for Facebook confirmed the devastating incident, as the company plans to contact the victim’s family before releasing the identity to the public.
“We were saddened to learn that one of our employees passed away at our Menlo Park headquarters earlier today,” the company said. “We’re cooperating with police in their investigation and providing support to employees. While the family is being notified, we have no information to share.”
The City of Menlo Park confirmed that there was “no foul play involved in this apparent suicide.”
The employee is currently only identified as a full-time software engineer at Facebook
Glo Recognizes Brilliant Students At UNIBEN
Five best-performing students of the University of Benin (UNIBEN) have been appreciated and presented with smart phones by Nigeria’s digital transformation leader, Globacom, in conjunction with its technology partner, Huawei.
The gesture was part of the corporate social responsibility initiative of the two companies, wherein outstanding students of Nigerian universities are rewarded with ICT solutions. The companies said the initiative is part of their commitment to promoting scholarship among the youth.
Apart from the five UNIBEN undergraduates who received the smartphones, the institution also got internet routers complete with data bundles.
In a brief ceremony, UNIBEN Deputy Vice Chancellor, Administration, Prof. Ikponwonso Omoruyi, noted that the gadgets, namely five routers for the school and smartphones fully loaded with Glo data for five final year students of the University with best CGPA points, would encourage the students and the staff of the institution to continue to pursue academic excellence.
“What you have done will encourage the pursuit of academic excellence and ease the data needs of the university community. The gesture will also strengthen the bond of friendship between Globacom and the University of Benin,” he said.
The student beneficiaries were also full of appreciation to Globacom for the gesture. One of them, Promise Ekpo Osaine of the Department of Computer Engineering, said, “I feel amazed, dumbfounded, in fact I don’t know the adjective to describe how I am feeling right now. All through my five years in school, I have never experienced an event such as this where students are rewarded for academic excellence. This has really encouraged me in pushing myself further in my academic pursuit and ensuring that I graduate in flying colours. I will encourage those who are not Glo subscribers to join the network”.
Another student beneficiary, Kelvin Okoawo, of the Department of Business Administration, spoke in the same vein, stating, “I only see things of this nature on television and I am glad I am a beneficiary today. I am so happy. Big shout out to Globacom for encouraging me to work harder in my studies”.
The other beneficiaries of the largesse are Igbo Emmanuel Chibizor of the Computer Science Department, Chioma Faith Onuchukwu of the Faculty of Law and Emmanuella Uche Chuwueta of Animal Science department.
In his own remarks, Globacom’s Regional Manager, Activation, Mr. Obiora Ezeora, expressed appreciation to the University of Benin officials for the warm reception accorded to Globacom and its partner. He called on the university community to continue to support Globacom, pledging that the company would continue to strive for excellence
FirstBank Supports Educational Institutions With FirstEdu
Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited, has announced its educational solution – FirstEdu – specifically designed to enhance the educational facilities in schools. The FirstEdu product includes FirstEdu loan and FirstEdu portal.
FirstEdu loan is targeted at private Nursery & Primary and Secondary schools to assist the schools in achieving their desired growth in the medium and long-term. The product provides funding to replace old furniture and equipment, pay staff salaries, purchase brand new or fairly-used buses as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can stay ahead of competition at all times.
The product enables the schools to access facility with no tangible collateral, apart from domiciliation of school fees account with the Bank.
In addition, FirstEdu portal is a modular and robust web-based enterprise portal that enables Tertiary educational institutions manage academic, administrative, professional, logistics and payment challenges. The basis for its robustness is to take the stress of logistics, administrative and payment challenges off the institutions, as they focus on meeting their year-long, medium and long-term objectives.
The product features and benefits include; e-Learning, virtual library and facilitation of exchange programmes with foreign educational institutions; academic & student events/time-table/calendar management; school fees payment via the internet; online information and result checking; interactive community forum between students and teachers. It also affords applicants the opportunity of enrolling from the comfort of their homes or any location around the world; no licensing, installation and maintenance cost and plugs avenues for revenue leakages amongst others.
According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “with FirstEdu, private schools across the various tiers of education in Nigeria; elementary, secondary and tertiary, have the right tool to boost their business to the level they desire. With over N5 billion loans already disbursed to schools this year alone, we are committed to supporting growth in this key sector of our economy.”’
For further information on FirstEdu, visit the FirstBank branch nearest to you or contact us on our social media channels.
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