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Tag: Mr Segun Agbaje

  • 2024 Half Year: GTCO reports N1trn pre-tax profit

    2024 Half Year: GTCO reports N1trn pre-tax profit

    Guaranty Trust Holding Company Plc (GTCO) has reported a pre-tax profit of N1.004 trillion for the half year ended June 30, 2024.

    This was contained in the company’s audited consolidated and separate financial statements sent to the Nigerian Exchange Ltd (NGX) and London Stock Exchange (LSE) on Wednesday.

    The milestone figure recorded placed GTCO as the first Nigerian financial institution to cross the N1 trillion mark in profit.

    The figure represented an increase of 206.6 per cent over N327.4 billion recorded in the corresponding period ended of June 2023.

    The group’s loan book (net) also increased by 25.5 percent, from N2.48 trillion recorded as of December 2023 to N3.11 trillion in June.

    Deposit liabilities grew by 39.8 per cent from N7.55 trillion in December 2023 to N10.55 trillion in June.

    The Holding’s total assets and shareholders’ funds closed at N14.5 trillion and N2.4 trillion, respectively, while its Capital Adequacy Ratio (CAR) closed robustly at 21.0 percent for the assessed period.

    GTCO sustained its asset quality as evidenced by its IFRS nine stage three loans which closed at 4.3 per cent in June, from 4.2 per cent  in December 2023

    The company also improved its Cost of Risk (COR) by 1.6 percent in the period under review, from 4.5 percent in December 2023.

    Commenting on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said that the firm was immensely proud of the progress it has made as a leading financial holding company.

    Agbaje said that despite the uncertainties in the operating environment, GTCO was able to record its highest profit to date in the first half of the year.

    He said that this was a testament to the resilience and adaptability of the financial holding’s business model.

    “We remain optimistic about the future,   and we are committed to leveraging our unique strengths as a thriving financial services ecosystem.

    “This is to create sustainable value for all our stakeholders as we continue to position all our business verticals such as banking, funds management, pension, and payments, for rapid growth across key markets,”he said.

    According to him, the group recorded growth across all its asset lines.

    He said that it continued to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions where it operates a banking franchise and other businesses.

    Overall, Mr Agbaje said that the group continued to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios.

    GTCO is the ultimate holding company of the GTCO Plc Group, one of the largest financial services institutions in Africa.

    The holding company maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.

  • GTCO Shareholders Endorse N91.24bn Total Dividend Payout for 2022

    GTCO Shareholders Endorse N91.24bn Total Dividend Payout for 2022

    Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022.

    This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually.

    The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit of ordinary share.

    Shareholders commended the board for the financial performance achieved during the period under review despite the operating environment.

    Speaking on behalf of shareholders, the immediate past President of Nigeria Shareholders Solidarity Association, Cheif Timothy Adesiyan commended the management of GTCO for the impressive 2022 financial performance acheived and the consistent dividend policy of the Group.

    He also noted the the Group has contributed to the growth of the economy in its lending to Agriculture, SMEs, Real Sector, among others as seen in the Award obtained by the Group in the year.

    Speaking to shareholders, the Chairman of GTCO, Mr Hezekiah Oyinlola said “as I reflect on 2022, I recall the challenges we faced at every turn and the prospects that became significant milestones in our journey towards creating a robust yet agile institution. 

    “As we look across our burgeoning GTCO Universe, we take pride in the concrete outcomes of our diligent efforts and unyielding dedication towards expanding our influence and strengthening our position as a leading provider of financial services in Africa.”

    He said “in 2022, our ambition was crystal clear, and we set out to achieve it with unwavering focus. We completed the setup of our holding company and acquired full ownership of Investment One Pension Managers and Investment One Fund Managers, now named Guaranty Trust Pension Managers and Guaranty Trust Fund Managers, respectively. Our payment subsidiary, HabariPay Limited, also launched in 2022 and almost immediately introduced its flagship product Squad to the market with outstanding reviews. 

    “The highlight for me is that these newly created businesses – in payments, fund managers, and pensions ran successfully and were profit before tax positive by the end of the year.”

    On outlook, Oyinlola stated that, “the momentum we have built-up in recent years means that we are now in a position to leverage every opportunity to grow and sustain our superior financial performance. 

    “Our diversified business model and agile systems will enable us to adapt quickly to changing market conditions and turn economic tides in our favour. Our customer, centricity and focus on innovation and long-term value-creation, and will continue to be key drivers of our success in the years ahead.”

    The Group Chief Executive Officer, GTCO, Mr Segun Agbaje, said in spite of the varying challenges and headwinds that weighed on growth in 2022, the Group delivered a decent performance posting a pre-tax profit of N214.2 billion representing a dip of 3.0 per cent from N221.5 billion posted in full year, 2022. PBT contribution from West Africa decreased from 21.0 per cent in December  2021 to 12.3 per cent in December 2022 due to the significant impairment sum of N35.6 billion recognised on the Ghanaian sovereign securities.

    He also noted that during the same period, the size of the Nigerian Banking Subsidiary increased to 84.3 per cent from 79.5 per cent, while East Africa’s contribution to the Group grew marginally to 3.4 per cent from 3.0 per cent. 

    “The Group also benefited from a 0.9 per cent contribution from the Non-Banking Subsidiaries which compensated for the negative 0.8 per cent contribution from the United Kingdom in FY-2022. 

    “Gross earnings increased by 20.4 per cent to N539.2 billion in full year, 2022 from N447.8 billion in 2021.” 

    Agbaje explained, “2022 was a year that tested our resilience and our determination. As we face the future, we do so with the confidence that we will maximize all opportunities and deal with challenges as they come. 

    “I strongly believe that the new holding structure of our organisation will prove to be a propeller in our journey towards sustained growth and success.” 

    According to GTCO CEO, what we have as Guaranty Trust Holding Company is not a conglomerate but a structure of complementary businesses which helps us remain agile, innovative, and adaptable to changing market dynamics, whilst ensuring that we continue to deliver superior returns to our shareholders.

    “We will also continue to dominate the financial services sector, not just because we will continue to pursue technological advancements and digital capabilities that keep us ahead of the curve, but because we will always stay true to the values of hard work, transparency, integrity and putting our customers at the heart of everything that we do.”

    Since commencing operations in February 1991, Guaranty Trust has maintained an unbroken streak of year-on-year growth and a consistent lead in driving the digitization of financial services in Nigeria thanks to its strong service culture, efficient management, world-class corporate governance standards and bias for innovation.

    In April 2021, the reorganization of Guaranty Trust Bank Plc to a financial holding company, Guaranty Trust Group Holding Company was completed as part of the company’s strategy to position for future growth and deliver benefits beyond banking to the people, communities and businesses who depend on the value we create to thrive.

  • 2023 GTCO Food and Drink Festival: A Celebration of Food

    2023 GTCO Food and Drink Festival: A Celebration of Food

    The annual GTCO Food & Drink Festival is back again for its 6th Edition, and food lovers across Africa and the world are in for a feast like never before! The event is slated to hold from Saturday April 29th till Monday May 1st 2023, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos, providing a 3-day weekend of food and endless celebration. 

    The GTCO Food & Drink Festival brings together the greatest minds on the global culinary stage, the most industrious Nigerian small food business owners, a world class, state-of-the-art children’s play area, merging them all to give attendees the most memorable food and drink event. 

    Commenting on the 2023 GTCO Food and Drink Festival, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said; “Food and drink are intrinsically social things, and best enjoyed when shared. We understand the value of bringing together businesses and consumers who are passionate about food and have continued to inspire new ways to experience life through food and drink. The continuing success of our free-business platforms reflect our unchanging commitment to Promoting Enterprise and echoes our brand promise of creating Great Experiences.” 

    Constantly innovating the space and on a quest to continue creating great experiences for all stakeholders, GTCO Food & Drink will be expanding its capacity by creating more opportunities for more businesses and increasing its highly coveted vendor stalls from 142 to 204, giving even more innovative and assiduous business owners the chance to not only showcase their businesses to the over 250,000 foodies in attendance, but also engage with their customer base and learn from a confluence of other great-minded food entrepreneurs. The event will also feature three premier DJs in Africa, setting the scene for a weekend of celebration, food, drink, and togetherness. 

    Guaranty Trust Holding Company Plc is a leading financial services company providing banking and non-banking services including payments, wealth management, and pension fund management, with a presence across eleven countries spanning West and East Africa as well as the United Kingdom. The Group operates a diversified, Proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond. Over the years, many customers have benefited from its unique loan products including the Food Industry Credit and Fashion Industry Credit designed specifically for businesses in the food and fashion industry. 

    It’s time once again to come together and celebrate the great joys food has to offer! Attendance is FREE. For more information on the event, please visit: https://foodanddrink.gtcoplc.com

  • GTBank Shareholders Endorse N3.00 Total Dividend for 2020, Applaud Agbaje’s Leadership

    GTBank Shareholders Endorse N3.00 Total Dividend for 2020, Applaud Agbaje’s Leadership

    Shareholders of Guaranty Trust Bank (GTBank) Plc, at the weekend unanimously endorsed the payment of a total dividend of N3.00 per share to shareholders for the financial year ended Dec. 31, 2020.

    This endorsement was made on Friday, April 9th 2021, at the Bank’s 31st Annual General Meeting (AGM) held in Lagos. The bank had proposed a final dividend of N2.70 per unit of ordinary share held by shareholders in addition to the interim dividend of 30k interim dividend earlier paid in June 2020. GTBank according to the results presented to and applauded by shareholders at the AGM, recorded increase in all performance indicators despite the challenging operating environment that prevailed in 2020.

    Speaking at the meeting, a shareholder, Mr. Tunji Bamidele, commended the bank’s board and management for sustaining profit and dividend payment in spite of the harsh and challenging economy experienced in the year 2020 as a result of the pandemic that challenged the world.

    Applauding the Managing Director’s leadership acumen and dexterity, Bamidele noted that the MD/CEO’s steering of the bank in the past 10 years has been a blessing to shareholders and the bank’s well-meaning stakeholders.

    In his comments, the Managing Director and Chief Executive Officer, Mr Segun Agbaje, noted that the year 2020 was arguably the most challenging year that the world has faced in decades and that in such unprecedented times, the bank has been at the forefront of safeguarding lives and livelihood across the communities where it operates.

    “We continue to receive positive and goodwill messages for the role we played at the height of the pandemic; especially for putting together very timely, a 110-bed Isolation Centre, with an intensive care unit, in partnership with the Lagos State Government,” he said, citing the Bank’s Excellence in Leadership in Africa Award which was specially created by the renowned Euromoney Magazine to spotlight private institutions at the forefront of tackling the pandemic.

    Mr Agbaje also spoke about GTBank’s solid performance in a very challenging year and his confidence in the organization’s ability to keep delivering for all its stakeholders. His words, “The strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

    “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned”, he added.

    GTBank is one of Africa’s most profitable financial institutions. In 2020, the Bank reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019. The Bank also continues to post the best metrics in the Nigerian Banking industry in terms of key Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%.