GTBank Announces Full Year 2017 PBT of N200.24Billion

Guaranty_Trust_BankThe foremost financial institutional Bank, Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2017 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Gross earnings for the year grew by 1.1% to ₦419.2billion from ₦414.6billion reported in the December 2016; driven primarily by growth in interest income as well as e-payment revenues. Profit before tax stood at ₦200.2billion, representing a growth of 21.3% over ₦165.1billion recorded in the corresponding year ended December 2016. The Bank’s loan book dipped by 8.9% from ₦1.590trillion recorded as at December 2016 to ₦1.449trillion in December 2017 while customer deposits increased by 3.8% to ₦2.062trillion from ₦1.986trillion in December 2016.

The Bank’s balance sheet remained strong with a 3.9% growth in Total Assets and Contingents as the Bank closed the year ended December 2017 with Total Assets and Contingents of ₦3.845trillion and Shareholders’ Funds of ₦625.2Billion. In terms of Assets quality, NPL ratio increased to 7.7% in December 2017 from 3.7% in December 2016 largely as a result of classification of a single exposure within the Nigerian Telecommunications Industry. However, non-performing loans would moderate to 4.6%, which is below regulatory threshold, if we exclude this name from NPL ratio computation. Overall, asset quality remains stable with adequate coverage of 119.6%, while Capital remains strong with CAR of 25.7%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.4% and 6.2% respectively. The Bank is proposing a final dividend of 240k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2017 financial year to ₦2.70 per unit of ordinary share.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2017 was a pivotal year for the bank. We delivered a strong result in a challenging environment; achieving record growth in earnings, carefully managing cost margins and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

He further stated that “The result demonstrates the fundamental strength of our franchise as well as the progress we are making in transforming our organization into a platform on which our customers could build their businesses, connect with their consumers and access all the resources that they need to make their lives better.”

GTBank has continued to report the best financial ratios for a Financial Institution in the industry as revealed by its return on equity (ROE) of 35.4% and cost to income ratio of 38.1% evidencing the efficient management of assets and operational efficiency. Overall, the Bank has enshrined its position as a clear leader in the industry. In recognition of its innovation and hard work, the Bank received over 20 international awards in 2017.

 

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Olashore International receives 2018 Africa Top Schools CEO Award

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The School Principal, Mr Derek Smith

The Principal and Chief Executive Officer of Olashore International School, Iloko Ijesa, Mr. Derek Smith has received the 2018 Outstanding Schools CEO Awards by Africa Brands Review.

The award was presented at the 2018 Africa Top Schools conference which held in Lagos.

One of the key criteria for the award is that the school must have an excellent track record of producing first class degree students in top ranked universities globally and must have produced same in the last five years.

At Olashore, in line with its mission statement, each student is given a strong academic foundation and they are groomed to become dynamic global leaders for the 21st century. Graduates have gone on to study in top universities locally and internationally. In 2017, the school produced a number of first class graduates among who are Chinazo Peace Eze, Abdul Hafiz Alako, Oluwatobi  Agbaje and Oluwatunmike Olowe.

The School Library

Chinazo Peace Eze graduated from the University of Louisiana at Lafayette with a first class degree in Geology and is also the school’s 2017 Outstanding Graduate. Abdul Hafiz Alako graduated with a first class degree in Mechatronic Engineering from Lancaster University in the U.K. and is the recipient of the Institution of Mechanical Engineering (IMechE) Best Project Award in Mechatronics Engineering. Oluwatobi  Agbaje also graduated from Lancaster University with a first class in Accounting and Finance. In Nigeria, Oluwatunmike Olowe graduated with a first class from Redeemers University, Ede.

Commenting on the award, Mr. Smith said, “This is a validation of the school’s commitment to giving each student an all-round education that allows them to go on to be successful in higher education both in Nigeria and abroad.”

The Chairman, Board of Director, Olashore International School, Prince Abimbola Olashore

The performance of a school’s graduates speaks volumes about the school and the quality of education being provided. Not only do Olashore graduates do well in school and higher education, they have gone on to be successful in their careers with many becoming senior managers after just a few years on the job. An example of this is Mrs. Kikelomo Banjo, a pioneer student who is currently Operations Manager for Maersk Line in Nigeria. When asked what led to her success in a traditionally male dominated industry, she stated, “It all comes down to my formative years at Olashore, being taught and allowed to lead at a very young age.” The 2018 Africa Top Schools Awards by Africa Brands Review seeks to celebrate excellence among secondary schools in Africa.

Established in 1994, on 60 acres of land, Olashore International School is a co-educational school which offers high caliber education in a wide range of subjects in partnership with Lancaster University. Over the past 20 years, the school has succeeded in creating a community of world class services around the school including a first class hotel, a golf course and Leadership training centre that all combine to give the school a unique identity. The school is particularly appealing to discerning Nigerians at home and abroad, as well as expatriates residing in Nigeria, who desire a school with a strong value system, demonstrable track record and a clear sense of purpose.

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GTBANK’S YOU READ : Olubayode Reads Aloud for 122 Hours to Promote Reading and Set New Record

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In a bid to reignite the interest in reading across Nigeria and beyond, a 40 year old Nigerian, Olubayode Treasures Olawunmi, , read aloud for 122 hours at a Read Aloud Marathon Session organized by the YouREAD Initiative, a CSR initiative of Guaranty Trust Bank. The Read Aloud Marathon, which had renowned Swiss watchmaker TAG Heuer as the official timekeeper, held from 1:30pm on Monday, February 26th, 2018 to 3:30pm on Saturday, March 3rd at the Herbert Macaulay Library Yaba, which was recently remodeled into a state of the art facility by GTBank.

Olubayode, who read aloud 23 published books within 5 days and 2 hours, set out to achieve a personal goal of reading for 120 hours as well as play for the Guinness World Record. However, any claim to breaking the current World Record of 113 hours and 15 minutes (held by Deepak Sharma Bajaan from Nepal) is subject to confirmation by Guinness World Record in London, after verification of evidence of this attempt, in line with the guidelines set out by the organisation for every record breaking attempt. His challenge for the Guinness World Record however garnered huge public interest, with hundreds of well-wishers visiting him at the Herbert Macaulay Library and thousands more cheering him on across social media platforms.

Speaking on his remarkable feat, Olubayode said; “I would like to thank GTBank first for sponsoring my Guinness World Record attempt, and most importantly, for all the Bank has been doing to support education and promote the culture of reading. I would also like to thank the Governor of Lagos State, Lagos State Officials and Nigerians everywhere, who sent me messages of support physically and across social media; together, we are making reading famous again. I hope that this effort will raise our consciousness on the importance of reading and also help change the narrative that making money and being famous can only come from entertainment and sports. Those two are great, but so too is excelling in education, and hopefully the younger generation will find in my attempt the inspiration to read and study more.”

Commenting on the Read Aloud Marathon, the Managing Director and Chief Executive of GTBank, Segun Agbaje said; “We are proud to have supported Olubayode Treasures Olawunmi’s trial to make history through one of the most positive human activities—reading. His personal commitment to promoting a reading culture will hopefully put Nigeria on the global map as a nation that is passionate about books, it will also serve as a source of inspiration to everyone in the country and beyond to adopt and maintain an active reading culture.”

He further stated that “At GTBank, we are passionate about rekindling the interest of young Nigerians in reading and will continue to create and support innovative ways to promote an active reading culture within and outside the academic environment.”

GTBank is regarded by industry watchers as one of the best run African financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

The Bank’s footprints in Corporate Social Responsibility are guided strategically by its decision to operate on four major pillars: Education, Community Development, Arts and the Environment, which it believes are essential building blocks for the society and prerequisites for economic growth and societal development.

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GTBANK’S YOU READ INITIATIVE: Olubayode Bids for Guinness World Record after 122 hours Read Aloud Marathon

file1-1After taking a giant step in reading for 122 hours at a Read Aloud Marathon Session organized by the GTBank’s “YouREAD Initiative”, a 40 years old Nigerian, Olubayode Treasures Olawunmi, is bidding for a Guinness World Record having read 6 more books and approximately 9 hours longer than the current world record holder

“YouREAD Initiative”, is a CSR initiative of Guaranty Trust Bank which seeks to reignite the interest in reading across Nigeria and beyond.

Olubayode Treasures read aloud 23 published books from 1;30pm on Monday February 26th, 2018 to 3:30pm on Saturday March 3rd at the Herbert Macaulay Library, Yaba, which was recently remodelled into state of the art facility by GTBank. The Read Aloud Marathon, which had renowned Swiss watchmaker TAG Heuer as as the official timekeeper, will be will be sent to the offices of the Guiness World Record in London who will confirm is Olubayode has broken the record for the Longest Marathon Read Aloud.

Since 2008, Deepak Sharma Bajaan, from Nepal, has held the Guinness World Record for the Longest Marathon Read Aloud after he read a total of 17 books in 113 hours and 15 minutes. Now, Olubayode is taking a shot at breaking the world record having read 6 more books and approximately 9 hours longer than the current world record holder. His challenge for the Guinness World Record garnered huge public interest, with hundreds of well wishers visiting him at the Herbert Macaulay Library and thousands more cheering him on across social media platforms.

Speaking on his remarkable feat, Olubayode said; “I would like to thank GTBank first for sponsoring my Guinness World Record attempt, and most importantly, for all the Bank has been doing to support education and promote the culture of reading. I would also like to thank Nigerians everywhere who sent me messages of support physically and across social media; together, we are making reading famous again. I hope that this effort will raise our consciousness on the importance of reading and also help change the narrative that making money and being famous can only come from entertainment and sports. Those two are great, but so too is excelling in education, and hopefully the younger generation will find in my Guinness World Record attempt the inspiration to read and study more.”

file-1Commenting on Olubayode’s Guiness World Record attempt, the Managing Director and Chief Executive of GTBank, Segun Agbaje said; “ We are proud to have sponsored Olubayode Treasures Olawunmi’s brave attempt to make history through one of the most positive human activities—reading. His stunning feat will not only put Nigeria on the global map as a nation that is passionate about books, it will also serve as a source of inspiration to everyone in the country and beyond to adopt and maintain an active reading culture.”

He further stated that “At GTBank, we are passionate about rekindling the interest of young Nigerians in reading and will continue to create and support innovate ways to promote an active reading culture within and outside the academic environment.”

GTBank is regarded by industry watchers as one of the best run African financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

The Bank’s footprints in Corporate Social Responsibility are guided strategically by its decision to operate on four major pillars: Education, Community Development, Arts and the Environment, which it believes are essential building blocks for the society and prerequisites for economic growth and societal development.

 

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Jsp and African Blind Foundation launch Food &Love program at Blind School

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JSP Communications, one of Nigerian’s leading Public Relations agencies has teamed up with the African Blind & Restoration Foundation to commence a long term food support program for the Bethesda Home of the Blind, Mushin, Lagos.

The program was specially launched in February, the month of love. The first round of food supplies was formally presented to the blind school at a well attended ceremony.

Under the Food & Love Program, JSP will arrange a steady supply of essential foods through the African Blind Foundation to the Bethesda Home of the Blind at periodic intervals. This will ensure the food and nourishment needs of the blind students in the school, are met to a large extent.

Speaking at the food presentation event, JSP Executive Director, Ronke Adebule stated that, there could be no better time than now to make this love offering. We are highly impressed that the blind students at Bethsaida have approached life with great faith, confidence and optimism despite their obvious challenges.

Steve Ajayi, the Programs Manager of the African Blind and Restoration Foundation pointed out that the Foundation has remained in the forefront of providing moral, educational financial and vocational support to Nigerians living with blindness.

The Foundation Advisory Board member Mr Michael Fadeyi explained that: “We are starting this love and food program at Bethsaida blind school because of the huge needs here. We plan to extend the program to other Centres for the blind. We hope more good hearted Nigerians and organizations will emulate Jsp and join us in this campaign and give concrete support and hope to the blind and needy.”

The Founder and Administrator of Bethesda Home of The Blind, Mrs Chioma Ohakwe applauded both organizations for their support and encouragement.

She remarked that the African Blind Foundation are not just paying lip service to helping the blind. They just don’t talk. They are taking specific actions. We are most delighted and grateful that the Foundation chose our Centre to launch this great initiative of food and love. The Foundation has provided us in the past with essential school supplies and also offered university scholarships to some of our students.”

Chioma used the occasion to announce that some of their students recently gained admission into top universities in Nigeria.

The Bethesda Home of the Blind (BHB) is a voluntary and non-profit making boarding school for the visually-impaired in the society. It focuses on providing specialized secondary school education for young blind students, preparing them for the JAMB exams and helping to get them into universities.

The students are also offered other vocational skills, home management skills and motivational life lessons, to give them all round preparations for life. Chioma added that, “it gladdens our hearts that the African Blind Foundation is not just touch and go. Their long term food support and consistency is vital for our long term survival. “

 

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Emirates gives travellers a special treat for Valentine’s Day.

1200x1200.jpgEmirates is celebrating with its customers on board and on the ground to mark Valentine’s Day across its global network.
To sweeten air travel during this period, Emirates is giving out heart shaped milk chocolates on all flights from Dubai on the 14th of February. The premium single origin coverture Belgium chocolate will be served alongside the main course for Economy and Business Class customers exclusively for one day only.
Cake and champagne packages are also available in Economy Class for those wanting to celebrate with their loved ones on board. Customers can choose either a vanilla or chocolate cake accompanied by a 200ml bottle of Moët et Chandon Brut NV for USD 43. The packages are available on flights from Dubai and can be pre-ordered via Emirates call centre agents.
In First Class, customers will find their goodie baskets transformed for Valentine’s Day. In addition to the usual treats of snacks and mints, a duo of heart shaped Belgian chocolates as well white chocolate coated blackcurrant-infused liquorice balls will be added for two days only from 13th February.
Prior to boarding, customers can enjoy Moet & Chandon Rosé Impérial from the 13th of February across all seven Emirates lounges at Dubai International Airport. The limited edition champagne will be accompanied by specially created Valentine’s Day desserts including a berry treat filled with blueberry yoghurt mousse & mixed berry compote; a white chocolate raspberry delight prepared with white chocolate mousse and raspberry jelly; chocolate Valentine’s truffle prepared with dark chocolate mousse filled with raspberry jelly and an almond caramelised orange cake prepared with orange mousse stuffed with caramelised almond.
The lounges in Dubai International Airport are complimentary for those travelling in Business or First Class as well as Emirates Skywards Silver, Gold and Platinum members. Emirates Skywards Blue members looking to impress their Valentine’s dates can also pay to access the lounges. Emirates’ network of lounges worldwide are also serving sweet treats on the 14th of February including heart-shaped Red Velvet cakes and mud cakes.
Customers in need of a last minute Valentine’s gift are in luck as there is a Duty Free sale on board from the 10th – 18th February offering a 20% discount on all purchases over USD 95. Items on sale include perfumes, jewellery and accessories.
Valentine’s Day is the latest occasion Emirates is celebrating with a special offering on board and in the lounges. The airline has previously developed seasonal menus for Christmas, Diwali and Oktoberfest among other holidays.

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Gtbank Launches The Dusty Manuscript Contest

DA-9813LAGOS: Foremost African financial institution, Guaranty Trust Bank plc, has launched the Dusty Manuscript Contest( csr.gtbank.com/dustymanuscript ) to give budding writers the opportunity to win publishing deals for their finished, but yet-to-be published, manuscripts. Organized in partnership with publishing houses Okada books and Farafina, the contest is part of the Bank’s YouREAD initiative which is aimed at promoting the culture of reading.

The Dusty Manuscript Contest is the latest in a long line of GTBank initiatives geared towards promoting the appreciation of Art and supporting creative potential. In 2017 the Bank remodelled the old Herbert Macaulay Library, Yaba into a state of the art learning and recreational facility that would give people in the community and beyond the opportunity to build capacity, gain exposure and connect with the world. The remodelled library has been the venue of regular book readings and art expositions organized under the YouREAD initiative.

With the Dusty Manuscript Contest, the Bank is seeking to address the challenges indigenous writers face getting their books published.The top 3 entries in the contest will be rewarded with publishing contracts with Farafinaas well cash rewards. The top 10 entries will get their books e-published by Okadabooks, including book cover design, book editing, and publicity. The top 25 book authors will also get a 2-day boot camp training on writing, marketing and branding.To submit a manuscript, interested writers are to visit csr.gtbank.com/dustymanuscript .

The entries in the Dusty Manuscript Contest will be assessed by a panel of four judges which includes EghosaImasuen, the author of widely acclaimed novel, Fine Boys, and Yejide Kilanko, a poet and therapist in children’s mental health, Dr AinehiEdoro-Glines, an Assistant Professor of English Language and Toni Kan, a writer and PR executive whose collection of short stories, Nights of a Creaking Bed, won the NDDC/Ken SaroWiwa prize for literature.

Commenting on the Dusty Manuscript Contest, Mr SegunAgbaje, the Managing Director of Guaranty Trust Bank plc, said; “At GTBank we see art as not just a medium for creative expression but also as a means of livelihood, and by organizing the Dusty Manuscript Contest we are helping budding writers make a living off their works. He further added that; “By addressing the major barrier that our indigenous writers face in sharing their stories with the world, we hope to inspire and develop the next generation of award-winning and globally renowned authors.”

GTBank has consistently played a leading role in Africa’s banking industry. The Bank is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

 

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