GTCO Releases 2021 Full Year Audited Results, Announces ₦221.5bn Profit Before Tax

GTCO CEO, Agbaje said the Group’s performance reflects the strength of its franchise and underscores its ability to deliver long-term value for its Stakeholders in spite of the challenges in the business environment and shifting economic conditions

Guaranty Trust Holding Company Plc (“GTCO Plc” or “the Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2021, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing FY 2021 at ₦5.44trillion and ₦883.2billion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong closing at 23.8% while asset quality was sustained with an NPL ratio of 6.0% based on IFRS (6.92% based on CBN Prudential Guidelines) representing a marginal improvement over IFRS 6.4% impaired ratio and a slight increase over FY 2020 6.86% CBN Prudential Guideline NPL ratio. Also, the Cost of Risk improved to 0.5% from 1.2% during the same period.

The Group posted a Profit Before Tax of ₦221.5billion, representing a dip of 7.0% from ₦238.1billion recorded in December 2020. In the same period, the Group’s loan book (net) increased by 8.4% from ₦1.66trillion while deposit liabilities grew by 14.4% from ₦3.61trillion to ₦4.13trillion.

Speaking on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company, Mr. Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our Stakeholders in spite of the challenges in the business environment and shifting economic conditions. As a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”

He further added, “2021 presented a crucial opportunity as we took strategic steps to reorganize our business and advance our position as a leading financial services company. With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments. Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”

In terms of significant performance metrics, the Group maintained a decent showing with post-tax Return on Equity (ROAE) of 20.6%, post-tax Return on Assets (ROAA) of 3.4%, Full Impact Capital Adequacy Ratio (CAR) of 23.8%, and Cost to Income Ratio (CIR) of 42.3%.

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The Travesty at GTBank… Details of How Segun Agbaje Plotted His Trajectory From Bank MD To Group CEO [Report]

 

• *Ex-bank chief breached employment regulations to land plum position
• *What the CBN says about such sharp practices

While Miriam Onasanya replaced him as GTBank CEO, Agbaje assumed duties as the GCEO of the new Holding Company thus contravening the Banks and Other Financial Institutions Act

Greed is a bottomless pit that exhausts the esurient; many a man had been consumed by an endless quest to gratify a lust without ever reaching satisfaction.

Yet the impulse to acquisition, pursuit of gain and money remains common to all sorts and conditions of men. It is the affliction of common folk and aristocrats, feudal lords and serfs, government and the governed.

This wanton lust for acquisition, however, attains a frightening proportion in the fate and designs of the Nigerian bank chief.

Consider, for instance, the breach of protocol and banking regulations perpetrated at the behest and on the watch of Guaranty Trust Bank (GTBank)’s immediate past Managing Director, Segun Agbaje; following a transformation of GTBank’s business structure at the start of H2 2021, Agbaje became the Group Chief Executive Officer of Guaranty Trust Holding Company (GTCO) – but this is against the Central Bank of Nigeria (CBN) law for a bank CEO.

It would be recalled that prior to Agbaje’s recent appointment as  GTCO Group’s CEO, he served as the MD of GTBank for over 10 years as the bank failed to announce a replacement until nine months behind schedule, precisely July 2021.

By taking up such an appointment, Agbaje breached the CBN’s guidelines for banks. He wasn’t qualified for another appointment at GTBank until 2023/2024, according to the CBN guideline for bank chiefs.

While Miriam Onasanya replaced him as GTBank CEO, he assumed duties as the GCEO of the new Holding Company thus contravening the Banks and Other Financial Institutions Act (BOFIA) and Laws of the Federation of Nigeria, (LFN), 2004.

A bank CEO has a tenure of 10 years according to the CBN, and upon completion of his tenure, he is not allowed to occupy another position in the firm or any of its subsidiaries until three years after the end of his tenure.

“Any person who has served as CEO for the maximum tenure in a bank shall not qualify for appointment in his former bank or subsidiaries in any capacity until after a period of three years after the expiration of his tenure as CEO.” the guideline reads.

Source: The Capital NG

NEWS: N212m debt: Court freezes alleged debtors, Adeniyi and Mopelola Adeoye’s accounts, seizes two Lagos properties

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• Miriam Onasanya
• Segun Agbaje
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GTBank announces Miriam Olusanya as first female Managing Director

Miriam Olusanya

Guaranty Trust Bank has announced the appointment of Miriam Olusanya as Managing Director, becomes the first female to occupy the position in the bank.

This is made known in a notice signed by the company’s secretary, Erhi Obebeduo, and sent to the Nigerian Exchange Group Limited (NGX).

The bank also announced the successful completion of its re-organization into a Holding Company Structure, in a bid to strengthen its long-term competitiveness and growth prospects.

As part of the conditions for the re-organization, the banking giant announced that a new operating company bearing the name ‘Guaranty Trust Holding Company Plc’ (GTCo) has been established. In addition, a new Board of Directors as well as changes to the Board of its banking subsidiary (GTBank) was also announced.

According to the notice, the Board was reconstituted following the retirement of about four Directors.

GTBank CEO: Colleagues push for Mariam Olusanya to succeed Agbaje as Ademola Odeyemi waits in the wings

Many of her colleagues believe that she stands in good stead to succeed Agbaje. The battle to succeed in the bank has intensified the current Group Managing Director/Chief Executive Officer of Guaranty Trust Bank (GTBank), Mr Segun Agbaje, as his tenure ends later in the year. Top on the pecking order and one of the … Continue reading

In light of this, the GTCo’s Board will comprise of the following personalities: Mr Sola Oyinlola (Chairman), Mr Segun Agbaje (Group CEO), Mrs Cathy Echeozo (Non-Executive Director), Mrs Helen Bouygues (Independent Non-Executive Director) and Mr Adebanji Adeniyi (Executive Director).

On the other hand, the banking subsidiary (GTBank) Board will comprise of Mr Inrahim Hassan (Chairman), Mrs Miriam Olusanya (Managing Director), Mr Olabode Agusto (Non-Executive Director), Ms Imponi Akpofure (Independent Non-Executive Director), Mrs Victoria Adefala (Independent Non-Executive Director), Mr Jide Okuntola (Deputy Managing Director) and Mr Haruna Musa (Executive Director).

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• Guaranty Trust Bank
• Miriam Olusanya
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• Segun Agbaje

GTBank CEO: Colleagues push for Mariam Olusanya to succeed Agbaje as Ademola Odeyemi waits in the wings

Alleged $667,000 fraud rocks GTBank as Police investigates MD Segun Agbaje, others

Suspects dragged to court…

Police Special Fraud Unit (PSFU), is currently investigating Guaranty Trust Bank Plc (GTBank) and its managing director, Mr. Segun Agbaje, over alleged $667,000 fraudulent transactions involving the bank, according to reports.

Consequently, BusinessLive gathered that the police have dragged the lender and two others before a Federal High Court in Lagos, in a suit marked FHC/L/CS/586/2020.

Others joined with GTBank in the suit presided over by Justice Ayokunle Faji, are: Albert Austine Ugochukwu and a limited liability company, Tasmara Integrated Services Limited.

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GTBank reports profit before tax of ₦57.0billion in q1 2019 unaudited results

GTBank reports profit before tax of ₦57.0billion in q1 2019 unaudited results

Posted on April 21, 2019 Authornewsheadline247 Comment(0)

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

Read more GTBank reports profit before tax of ₦57.0billion in q1 2019 unaudited results

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