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Tag: GTBank

New Management set to take charge at GT Bank as list of appointment and exit leaks

New Management set to take charge at GT Bank as list of appointment and exit leaks

Business
A major Management restructuring is at the final stages of completion at GTB, one of Nigeria’s most respected commercial banks. A major Management restructuring is at the final stages of completion at Guaranty Trust Bank, one of Nigeria’s most respected commercial banks. Sources with knowledge of the matter informed Nairametrics that a clean sweep of top management staff above the age of 45 has been effected as current maverick MD/CEO Segun Agbaje prepares to retire as MD/CEO of the bank and proceed as MD/CEO of the bank’s Holding Company. Segun Agbaje is expected to leave following the end of his 10-year tenure as Managing Director of the bank. According to multiple sources, the bank is set to announce Miriam Olusanya as its new Managing Director. We understand the Centra...
GTBank posts N167.4 billion PBT in Q3

GTBank posts N167.4 billion PBT in Q3

Business
Guaranty Trust Bank Plc has recorded a Profit Before Tax (PBT) of ₦167.4 billion in its unaudited results for the period ended September 30, 2020. According to the bank, this represents a decrease of 1.9 per cent over ₦170.7 billion recorded in the corresponding period of September 2019, and an improvement on the 5.2 per cent dip posted in the first half (H1) 2020 relative to H1-2019. The bank’s loan and deposit book however grew by 4.5 per cent and 25.1 per cent from ₦1.502 trillion and ₦2.640 trillion recorded as at December 2019 to ₦1.569trillion and ₦3.303trillion in September 2020 respectively. Its balance sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at ₦4.574 trillion and ₦755.5 billion, respectively. “Full ...
Experts worried about banks’ growth amid pandemic, falling oil price

Experts worried about banks’ growth amid pandemic, falling oil price

Economy
Experts have expressed fears about the bubble that may arise in the banking sector, should government fail to provide a favourable business environment that would boost performance in the real sector and sustain economic growth after  With the Central Bank of Nigeria’s (CBN) decision to increase banks’ Loan-to-Deposit Ratio (LDR) to 65 per cent last year, in a bid to improve lending to the real sector, a large chunk of money has left the coffers of the banks. Consequently, they argued that with the continued rise in the number of confirmed cases and full lockdown enforced in a few states including Lagos, Ogun, and the FCT, a lot of businesses, even operations of companies under the real sector could lose revenue and ultimately affect the repayment of credit facilities granted t...