GTCO Says It Made A 221 Billion PBT, In 2021, Amid Several Awards

 By Elizabeth Chukwuma

 The Blue chip Banks in Nigeria, appear to have known how to manage the Asian country of China emerged coronavirus, COVID 19, to improve on their banking business.  The Audited report and separate Financial Statements of the Gurantee Trust Holding Company, GTCO, presented to the Nigerian Stock Exchange, NSE and London Stock Exchange, LSE, last December is very revealing

Adekunle Olushola, Media Manager, JSP Communications, an Advertising agency to the GTCO, had said that  the Group , made a Profit After Tax, PBT, of N221 billion, which is  very encouraging, meaning more money for the shareholders in the 2021, fiscal year. Although, the amount approved by the Board for the shareholders remained a closely guided secret but an insider described as ‘’a mouth watery reward’’ which would reflect in their banks accounts.

The JSP Communications Media Manager  had told those hat that cares to listen that the GTCO, could achieve that mmuch in 2021,  because ‘’its Balance Sheet  remained well structured  and resilient  with total Assets and Shareholders funds closing for 2021,  at N5.44 trillion  and N883 billion  respectively.

He neoted that ‘’the Group  Capital Adequacy ratio’’,CAR,  had remained  very strong closing  at  23.8% while the Asst quality  was sustained  with the NPL ratio  of 6.0% based on the IFRS 6.92%, that was said to have been based on the Gowin Emefiele, led Central Bank of Nigeia, CBN, representing  a marginal improvement  over IFRS 6.4% and a slight increase of over 2020, , 6.86% CBN Prudential gideline NPL ratio. There are indications that the GTCO, cost of Risk also increased from 1.2% during the period.

Giving an insider information,  Olushola, that notwithstanding the N221 billion PBT, recorder the Group , in its Audited Financial reports of 2021,  it was a seven percent drop from the M338 billion  recorded in 2020. In spite of the drop in the PBT, in 2021, fiscal rear, that was said to have been recorded by the Group,  its Loan book, net,   also increased  by 8.4% from N1.66  trillion  while the deposit Liabilities  grew  by14.4% from N3.61 trillion  to N4.13 trillion.

 Segun Agbaje, the GTCO Managing Director and Chief Executive Officer, CEO,  had attributed its impressive performance in the last one year that other Competitors had cried  out due to the COVID 19, in their business,  ‘to their strength  and franchise  which  had underscored  their ability  to deliver on long term value  for stakeholders in  spite of the challenges in the business environment  and shifting economic conditions.

He noted that as a Group that they have continued ‘’to explore newer ways to connect with their Customers  and better their Communities  by offering  greater and  more rewarding  experiences’’.  He further stated that the year 2021, presented a ‘’crucial opportunity to the Group as they took strategic steps  ‘’to reorganise their business  and advance  their position as one of the Leading  Money Deposit Banks, MDB, in the country.

He had pointed out that with the recent addition of Pension Fund Wealth Business to the Group, they are ‘’well  on the Way  to rapidly scale their Operations and further strengthen  their foothold  in the key Banking industry segments. ‘’Our goal is to consolidate  our  at the top  of  the African Continent Financial Services value chain  by leveraging on our  technology  to provide end-to-end  financial solutions to more people  and businesses across Africa’’.

Going by  the Bank performance metrics,  the Group was said to  have maintained  a decent showing  with post  -tax-return on equity ., ROAE,  of 20.6%, post tax return on assets, ROAA, of 23.8% and Cost Income Ratio, CIR,  of 42.3%.

It is instructive to note that GTCO, is a fully-fledged financial  services Group  with banking operations  across West  and East African sub -regions including  the United Kingdom, UK. The Bank, according to an insider also maintains a non-banking services in several key industry segments including payment, Funds management and Pension Funds Management’’.

An Appreciative Agbaje, the Bank’s CEO, had said that that with over 25 million Customers both within and outside country and more than 10,000 employees ‘’the Group remains one of most profitable and best managed Banks in Nigeria and Africa in general.  Many believe that as one of the leading six banks in the country empowering people and communities, may have earned it several prestigious awards over the years like the Kingsley Uzoka led, United Bank For Africa, UBA plc,Pan African Bank.  It was said to have won the African Best Bank of the year Award and the Best Bank in Nigeria at the  2021, Euromoney  Awards of Excellence, which Uzoka led Pan African Bank had won several times.

GTCO, was said to have also retained its enviable position in the African Continent  as the most  Admired Financial services  Brand in 2021 raking  of the Brand  100: Africa best Brands.

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