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GTBank Declares Profit After Tax of N142 Billion

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  • GTBank Declares Profit After Tax of N142 Billion

The Guaranty Trust Bank Plc has declared its unaudited Financial Results for the third quarter of 2018.

The leading lender announced gross earnings of N337.22 billion for the nine months ended September 30, 2018, representing 9 percent increase from the N309.16 billion recorded in the corresponding period of 2017.

According to the report filed through the Nigerian Stock Exchange, net interest income dropped by 10 percent to N170.6 billion from N189.7 billion achieved during the same period of 2017.

Profit before tax (PBT) climbed 9 percent to N159.032 billion, up from N164.245 billion. However, ten percent tax reduction boosted proft after tax by 13 percent from N125.578 billion filed in the third quarter of 2017 to N142.224 billion.

Analysts at Crodros Capital Limited said gross earnings stood at N110.59 billion in the third quarter of 2018, which is 16 percent above the figures of 2017 but 6 percent lower when compared to the previous quarter.

“Interest income declined in the quarter by seven per cent q/q, as against the marginal growth recorded in Q2. Interest on customer loans in the Q3 declined by four q/q, amidst the continued decline in the bank’s loan book. Coupled with an increased interest expense (+3 per cent y/y, flat q/q) in the quarter, net interest income was lower by nine per cent q/q and 12 per cent,” they said.

They further explained that positive loan recoveries in the quarter led to a net gain in loan impairment charges, even as the bank’s loan book (-2 q/q) continued to contract.

“Also, NPL ratio decreased to 5.57 per cent vs. 7.66 per cent . It is also worth stating that the continued decline in loans (-12 per cent YtD), coupled with sustained increase in deposits (+9 per cent ), has contributed to the decline in loan-to-deposit ratio to 48.21 per cent vs. 58.91 per cent in FY-17,” Cordros Capital said.

The analysts said overall performance of the bank was impressive, with top and bottom lines posting 16 percent and 11 percent year-on-year, respectively.

“The N142.2 billion net profit reported as at 9M-18, on an annualised basis, is above consensus’ estimate for the full year by seven. GTBank’s stock closed positive in yesterday’s trading session, but has lost 10 per cent YtD. We do not expect negative reaction to the bank’s result in tomorrow(today)’s session. GTBank remains among our top picks, with a target price of N52.45, 42 per cent above closing price of N37,” they said.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Israel Confirms the Death of Yahya Sinwar

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Israel has announced the death of Yahya Sinwar, the Hamas leader who reportedly orchestrated the October 7, 2023, attack that killed several people.

According to the Israel Defense Forces, the death of the 61-year-old was confirmed after a series of DNA tests to verify his identity.

Sinwar was one of three terrorists killed on Wednesday in southern Gaza, the military stated.

Defense Minister Yoav Gallant said, “The State of Israel has brought justice with the elimination of Yahya Sinwar – a vile murderer and terrorist.”

Sinwar had been one of Israel’s key targets since the October 7, 2023, assault that disrupted the country’s security establishment and reshaped global geopolitics.

In the attack that killed about 1,200 people and led to the abduction of another 250, Hamas militants flew into Israel and struck during a festive celebration that included locals and foreigners who flew in to have a good time.

Israel had offered Sinwar safe passage out of Gaza if Hamas would release all remaining hostages and give up control of the strip.

However, reports suggest Sinwar viewed Israel’s sustained retaliatory war on Hamas as a strategic victory, despite its costs.

“We have the Israelis right where we want them,” he reportedly told Hamas negotiators, according to the Wall Street Journal in June.

Israeli Prime Minister Benjamin Netanyahu had remarked that Sinwar “doesn’t care about his people and acts like a little Hitler in a bunker.”

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CNG Vehicle Explosion in Edo State Leaves Multiple Injured, Properties Damaged

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Compressed Natural Gas (CNG) converted vehicle has exploded, causing multiple injuries and destruction of properties within the vicinity of the incident.

The incident was reported to have occurred at one of the CNG stations, NIPCO CNG station, located at Eyean, Auchi Road, Edo State.

It was reported that many sustained injuries and vehicles within the vicinity of the incident were damaged. But, as of this report, no death was recorded.

The explosion reportedly occurred during the refueling of the station wagon’s CNG cylinder vehicle.

It could be recalled that the growing use of CNG in Nigeria emerged as a cost-saving measure in response to rising petroleum prices. However, following this incident, concerns about the human safety of converted CNG vehicles have been raised.

Many netizens questioned the safety of individuals converting their vehicles to CNG.

One X user, @Otunbakush1 stated, “I will keep saying it, if u like abuse me, as long as the vehicle Manufacturers didn’t attach the CNG features to the vehicle pls and pls don’t convert ur car, that’s a moving bomb, this happened at Edo state this morning, CNG converted vehicle exploded.”

In response to the incident, the Presidential Compressed Natural Gas Initiative (PCNGI) via their X platform, clarified that the vehicle involved in the incident was illegally converted to CNG, leading to its explosion during gas refueling.

“The Presidential CNG Initiative notes the unfortunate incident that involved an illegally modified vehicle at a NIPCO CNG Station at Ikpoba Hill in Benin City on Wednesday, October 16, 2024.

“The PCNGI commiserate with those injured in this avoidable incident, and thankful that no lives were lost. The PCNGI also note that safe handling of all hydrocarbon is critical to their safe use. A close examination of the cylinder in question in Benin City shows it was welded and modified and not an approved for use for CNG. The police, regulatory authorities and management of NIPCO are undertaking a painstaking investigation of the incident and we are coordinating with them,” PCNGI started.

The PCNGI emphasised the importance of ethical compliance with safety regulations and urged the public to patronise only CNG-accredited conversion centres to avert further tragic occurrences.

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VeryDarkMan Gets N100m From Don Jazzy as Celebrity’s NGO Donations Run to N172m

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Don Jazzy SapioFunds - Investors King

Controversial social media personality, VeryDarkMan, has disclosed that music producer, Michael Collins Ajereh, popularly known as Don Jazzy, donated the sum of N100 million to his newly established Non-Governmental Organisation.

VeryDarkMan, who announced that the NGO would focus on community development and improving public schools, had initially raised concerns in a video on his Instagram account, questioning the large deposit and requesting an investigation by Zenith Bank.

He had raised alarm when he received the large chunk of donation, calling on the Zenith Bank to probe the money.

VeryDarkMan suspected a setup, saying he is not into money laundering and dissociated himself from any manner of fraud.

However, in a new video released on Thursday, VeryDarkMan confirmed that Don Jazzy had reached out to inform him that he made the N100million donation to support the cause of his NGO.

Last weekend, the social media activist had rallied for support and promised transparency and accountability in the money he would be receiving from donors.

He had called on music giant, David Adeleke, popularly known as Davido, businessman Cuba Chief priest among others to assist him with the organisation’s mandate.

He had also asked those who had wanted to appreciate his gestures in the past to channel their donations to his NGO.

He promised transparency with the money he would be receiving, adding that he would be making every donation public.

While making another post on Sunday, VeryDarkMan disclosed that he has received over N33 million in donations within 24 hours.

He also shared a screenshot of the total donations and thanked donors for their contributions. The activist said most individuals gave N500 or less, demonstrating their willingness to support despite financial constraints.

With Don Jazzy’s donation, the money that the social media activist has received in the past is running to about N172 million even as he expects more.

The activist had, in past weeks, been enmeshed in a controversy involving a popular crossdresser, Idris Okuneye, widely known as Bobrisky, over allegations of bribery and corruption.

 

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