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GTBank Releases 2020 Full Year Audited Results……..Reports PBT of ₦238.1 Billion

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Guaranty Trust Bank plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.
A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.
The Group 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 Group’s Loan book (Net) grew by 10.7% from ₦1.502trillion recorded as at December 2019 to ₦1.663trillion in December 2020, while Customers’ deposits increased by 38.6% from ₦2.533trillion in December 2019 to ₦3.509trillion in December 2020.
Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at ₦4.945trillion and ₦814.4billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4% (Bank: 5.9%) and 1.2% (Bank: 1.0%) in December 2020 from 6.5% (Bank: 6.2%) and 0.3% (Bank: 0.2%) in December 2019 respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.
We were on solid footing going into 2020; 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.”
He further stated that; “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 to lead this new world.”
Guaranty Trust Bank plc continues to post the best metrics in the Nigerian Banking industry in terms of all 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%.
Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.
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Lagos Governor Has Made Free Zones Business Friendly…Dangote

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Construction of the ancillary road infrastructure leading to the Free Zones in Ibeju Lekki will kick off in the coming months.

Governor Babajide Sanwo-Olu disclosed to very excited community leaders in the axis that construction work will begin on Magbon Alade Road in the next two months.

The carriageway extends from Lekki-Epe Expressway into the Free Trade Zone area, covering several kilometres. The rehabilitation of the road is a partnership between Lagos State Government and Dangote Group.

The development was made known when Sanwo-Olu and members of the State’s Executive Council visited the Dangote Refinery and Petrochemical facilities on Saturday, the second day of the Governor’s working tour of Free Trade Zone in Ibeju Lekki area of Lagos.

Chairman of Dangote Group, Aliko Dangote, and the Group’s Executive Director on Strategy, Portfolio Development and Capital Projects, Mr. Devakumar Edwin, personally led the State Government’s team on the excursion.

After the five-hour tour, both Sanwo-Olu and Dangote went into a private discussion where they agreed on the timeline for the kick of the road project.

Briefing the press after the meeting, the Governor said: “Today, we have taken a five-hour tour of the Dangote Refinery, which is the biggest single refinery in the world, and also visited its fertilizer factory, which is the second largest in the world. Between the time I came here in 2019 and now, there has been huge improvement in the construction and layout on the entire site.

“For us as a Government, it’s not to fold our arms and be expecting that all is well in this corridor. We are here to encourage the investors and to show them that we are with them. The Government is in place to serve them; anything that will ease business is critical to us.

“We have met and cleared out few issues around approvals, right-of-way and the infrastructure that needs to come on this axis. We don’t want a replay of Apapa gridlock here. So, we have agreed and we have planned a timeline for ourselves on the construction of Magbon Alade Highway, which comes to the free zones from Lekki-Epe Expressway.”

Sanwo-Olu said the State Government would be complementing the infrastructure being initiated in the Free Trade Zone with Green Rail Line, which would raise transportation capacity in and out of the corridor. The rail, the Governor said, will kick off when feasibility study for the project is completed.

He added that the layout for an airport being developed in Epe axis was being done, promising to prioritise its completion.

He said: “In our master plan for the free zones, there is a metro Green Line that will come from

Lekki. We have done expression of interest already for the metro line. We are currently doing feasibility study required for investment on the rail project. We are also looking at the airport project of which we have done the layout. This is also receiving consideration as we speak.”

“What is happening in this corridor is big enough to take three days of our time. The development is about jobs for the youth population and catalyst for the local economy. Local residents and other Nigerians are being engaged in the refinery and petrochemicals projects. The Government in a position to resolve any issue in order to create enabling environment for businesses to thrive.”

The Governor said the kind of development being implemented in the free zones was one that create a work-and-live ecosystem.

Dangote noted that the refinery and petrochemicals projects were his largest investment worldwide, applauding the State Government for his support to investors.

The billionaire said Sanwo-Olu’s commitment made the free zone to be business-friendly, pointing out that the area would become the hub of industrialisation in the country.

Speaking on the road project, Dangote said: “As Mr. Governor mentioned, we are eager to start this project. As soon as we have the green light, we will go ahead with the construction before we even sign the Tax Deductible Agreement on Presidential Order 7. I have promised the Governor that we will start the road in the next two months.”

The billionaire said the host community had not been neglected in the construction value chain happening in the free zones, stressing that hundreds of local residents were part of the 20, 000 Nigerians being engaged in the projects.

Besides, Dangote said the Group had intervened in lifting members of the host community, by donating modern boats for local fishermen, building hospitals, schools and giving deserving students scholarship.

Part of the sections toured by the Governor is the Catalytic Distillation Unit of the Dangote refinery, which is the first processing compartment in the refinery to distill crude oil into various hydrocarbon fractions.

The Government’s team also stopped by Fertilizer industry and Dangote’s trestles, shoreline jetties, where crude oil will be transferred to the refinery.

Earlier, Sanwo-Olu and his team were at Longrich and Colori Lekki Manufacture in Lekki Free Zone to inspect the processing plant of the Chinese firm.

L-R: Commissioner for the Environment and Water Resources, Mr. Tunji Bello; President, Dangote Group, Alhaji Aliko Dangote; Lagos State Governor, Mr. Babajide Sanwo-Olu; Group Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Industry Ltd., Mr. Devakumar Edwin and Commissioner for Commerce, Industry & Cooperatives, Dr. (Mrs) Lola Akande, during the Governor’s working visit to Dangote Refinery at the Lekki Free Trade Zone, Ibeju-Lekki, on Saturday, March 20, 2021.

L-R: President, Dangote Group, Alhaji Aliko Dangote; Chairman, Lekki Free Zone Development Company, Mr. Abiodun Dabiri; Lagos State Governor, Mr. Babajide Sanwo-Olu; Deputy Managing Director, Lekki Free Zone Development Company (LFZDC), Mr. Gboyega Balogun and Commissioner for Commerce, Industry & Cooperatives, Dr. (Mrs) Lola Akande, during the Governor’s working visit to the Dangote Refinery at the Lekki Free Trade Zone, Ibeju-Lekki, on Saturday, March 20, 2021.

L-R: President, Dangote Group, Alhaji Aliko Dangote and Lagos State Governor, Mr. Babajide Sanwo-Olu, being shown an electronic programming by a Process Engineer, Dangote Fertilizer, Kemi Laoye during the Governor’s working visit to Dangote Fertilizer at the Lekki Free Trade Zone, Ibeju-Lekki, on Saturday, March 20, 2021.

Lagos State Governor, Mr. Babajide Sanwo-Olu (right) exchanging greetings with President, Dangote Group, Alhaji Aliko Dangote (second left), while Group Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Industry Ltd., Mr. Devakumar Edwin (left) and Chairman, Lekki Free Zone Development Company, Mr. Abiodun Dabiri (second right), during the Governor’s working visit to the Dangote Refinery at Lekki Free Trade Zone, Ibeju-Lekki, on Saturday, March 20, 2021.

L-R: Vice President of Longrich Group & C.E.O, Longrich International Market, Mr. Alex Jia; Lagos State Governor, Mr. Babajide Sanwo-Olu; Commissioner for Commerce, Industry & Cooperatives, Dr. (Mrs) Lola Akande and Deputy Managing Director, Lekki Free Zone Development Company (LFZDC), Mr. Gboyega Balogun during the Governor’s working visit to Longrich and Colori Lekki Manufacture at the Lekki Free Trade Zone, Ibeju-Lekki, on Saturday, March 20, 2021.

L-R: Vice President of Longrich Group & C.E.O, Longrich International Market, Mr. Alex Jia; Lagos State Governor, Mr. Babajide Sanwo-Olu; Chairman, Lekki Free Zone Development Company, Mr. Abiodun Dabiri and Commissioner for Commerce, Industry & Cooperatives, Dr. (Mrs) Lola Akande during the Governor’s working visit to Longrich and Colori Lekki Manufacture at the Lekki Free Trade Zone, Ibeju-Lekki, on Saturday, March 20, 2021.

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FINAL CALL: APPLICATIONS TO THE TONY ELUMELU FOUNDATION ENTREPRENEURSHIP PROGRAMME CLOSES MARCH 31

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The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, will close applications for the Tony Elumelu Entrepreneurship Programme on its TEFConnect digital platform (www.tefconnect.com) on March 31. This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.

To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower over 3,500 young African entrepreneurs in collaboration with global partners.

The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Programme. Successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.

According to the Director of Partnerships & Communications at the Tony Elumelu Foundation, Somachi Chris-Asoluka, “Africa’s growing, and active youth population must take advantage of this opportunity and apply for the programme before the 31st of March, as their full participation will create a pathway to economic prosperity. This year, we have the capacity to empower more African entrepreneurs than ever, further ensuring that they have adequate training, funding and mentorship to boost their performance. It is time for young African entrepreneurs to embrace this much-needed support system to enable thriving and sustainable economic activity. We believe we will continue to see exponential change in sectors across the continent.”

The Tony Elumelu Foundation’s $100million Entrepreneurship Programme, launched in 2015 to empower 10,000 entrepreneurs over 10 years, is now entering its 7th year and has empowered to date, over 9,000 young African entrepreneurs from 54 African countries.

Prospective applicants should apply on the digital networking hub for African entrepreneurs, www.tefconnect.com.

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#GiveHerBetaHealth: GTBank Champions Access to Health Insurance for Women on International Women’s Day

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As the 2021 International Women’s Day (IWD21) calls on people and organisations to #choosetochallenge for a better world for women, Guaranty Trust Bank plc (GTBank) has launched an initiative, tagged #GiveHerBetaHealth, to draw attention to the need for universal essential healthcare coverage, especially for women in the informal sector. Through the initiative, the leading African financial institution is providing 1000 self-employed women with BetaHealth for a year, at no cost.

 

Launched in 2020, BetaHealth is a low-cost healthcare package that provides coverage for essential health services such as malaria treatments, pre and postnatal care, accidents and medical emergencies as well as life insurance, all at a subscription fee of N500 per month. Offered through more than 1000 hospitals and pharmacies nationwide, BetaHealth also provides a telemedicine service that allows the user to speak with a Doctor over the phone anytime, anywhere.

 

With the #GiveHerBetaHealth campaign, the Bank is calling on the general public to nominate 1000 women who will be given free BetaHealth coverage for a year. To nominate a woman, visit

giveherbetahealth.gtbank.com.

 

 

#GiveHerBetaHealth is the latest in a long line of GTBank initiatives that reflects the Bank’s commitment to extending access to critical services for everyone, irrespective of their social or economic background. The campaign focuses on empowering self-employed women in the informal sector, many of who have limited or no access to financial services and health insurance. With this campaign, the Bank is putting a spotlight on the need for universal access to essential healthcare services that is affordable for every working Nigerian, and accessible across the country.

 

BetaHealth is available for everyone. To buy BetaHealth for yourself or someone else, simply dial 7375250050# from your mobile phone.

 

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