Guaranty Trust Holding Company (GTCO Plc), Nigeria’s leading financial institution, grew profit after tax by 4.11 percent to N49.986 billion in the three months ended September 30, 2021.
The lender’s interest income drops by 7.48 percent to N68.945 billion in the third quarter under review, down from N74.518 billion achieved in Q3 2020.
Interest expense inched slightly higher to N13.057 billion in Q3 2021, representing an increase of 5.3 percent when compared to N12.397 billion filed in the same period of 2020.
As expected, GTCO’s net interest income moderated by 10.03 percent from N62.121 billion in Q3 2020 to N55.887 billion in Q3 2021.
Net interest income after loan impairment charges stood at N54.608 billion in Q3 2021, a decline of 7.04 percent from N58.745 billion recorded in Q3 20210.
However, GTCO was able to plug further decline with a 67.39 percent increase in fee and commission income. The bank realised N18.318 billion in fee and commission income in Q3 2021, up from N10.944 billion charged in Q3 2020.
Fee and commission expense increased slightly to N3.343 billion in the quarter under review, up from N2.239 billion in Q3 2020.
The bank grew net fee and commission income by 72.07 percent to N14.976 billion in Q3 2021 from N8.704 billion achieved in Q3 2020.
Also, the bank’s net gains on financial instruments classified as held for trading dipped slightly to N8.048 billion in Q3 2021. While other income improved from N11.157 billion in Q3 2020 to N15.283 billion in Q3 2021.
Profit before income tax grew slightly by 2.11 percent to N58.852 billion in Q3 2021 from N57.638 billion in Q3 2020. The bank paid N8.866 billion in taxes in the period under review.
GTCO loses N9.491 billion to forex differential in the third quarter but also made N2.847 billion due to forex differential to take its total comprehensive income for the quarter N44.618 billion.
2021 NCOY: FirstBank Partners Junior Achievement Nigeria, Reiterates Commitment to Innovation and Education
For 11 years, Nigeria’s premier and leading financial inclusion services provider, First Bank of Nigeria Limited has partnered with Junior Achievement Nigeria (JAN) to host its annual flagship event; the National Company of the Year competition (NCOY), which convenes winners of the JA Company Regional Competitions across Nigeria to compete for the National Company of the Year Award.
This year, the event will bring together outstanding ‘student business teams’ across Nigeria to compete for prizes and an opportunity to represent the country at the national competition – JA African Company of the Year Competition (ACOY). The 2021 edition of the NCOY competition will be held virtually via Zoom meetings at 10am on Saturday, 27th November 2021. Interested participants are to register via the link https://us06web.zoom.us/meeting/register/tZEtd-qvqz4pE90NXOHcy-tve6aEXpY_yYAE
The competition themed ‘Innovation with Grit’ will have 12 teams from 12 schools pitch their innovations to a team of 5 guests judges. The represented schools at the competition include: The Seer company from Alvana High School; Sonic Informatics company from Heritage Global Academy; Nexus Queens company from Queens School; JA Stars from Theological College of Northern Nigeria (TCNN); Amazing Amazon Students from Government Girls’ Secondary School, Abaji; KereTerra Company from Secondary School Etoi, Uyo and The Exploit thinkers from Taidob College.
Other teams competing include: Mystic Global Company from Rosa Mystica High School, Agulu; PetraMech Tech from Petra Schools; The Amazing Inventors from Government Secondary School Tudun Wada; Blue crystal company from Methodist Girls school and the Artisans from Igbobi College.
Judges at the event include: Oludolapo Adigun, Group Head, Retail Banking Lagos & West First Bank of Nigeria Limited; Chidimma Juliana Okparah, Project Management Consultant (PMIEF); Sheila Ojei, Head of Communications Jobberman; Gbenga Sesan, Executive Director of Paradigm Initiative and Simbo Olatoregun, Policy Programs Manager for Facebook in Africa. In attendance also is the Honourable Commissioner for Education Lagos State, Mrs. Folashade Adefisayo as a Special Guest.
The 2021 National Company of the Year Program will also feature SPARK Competition. SPARK as an initiative of First Bank of Nigeria Limited, is an acronym for Start Performing Acts of Random Kindness. SPARK reiterates the Bank’s commitment to institutionalise kindness in Nigeria by encouraging and amplifying a culture of kindness.
The SPARK competition will feature 15 finalist schools across Nigeria, whose CSR projects align with the Bank’s Corporate Responsibility and Sustainability pillars of Education, Welfare and Health, Financial inclusion and Responsible Lending and Procurement.
Speaking on the event, the Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said “FirstBank’s partnership under its Future First initiative with JA Nigeria Company programme has positively impacted over 100,000 people in different locations across the country in preparing and teaching them how to generate wealth, effectively manage it and how to apply entrepreneurial thinking to the workplace. Our commitment to fostering entrepreneurial development amongst youths is mainly the driving force behind our support of the National Company of the Year (NCOY) and Africa Company of the Year (ACOY) competitions in past 11 years”.
According to the Executive Director, JAN, ‘’the National Company of the Year Company competition provides our students with a platform to show how innovative they are while displaying their dexterity and grit especially as it relates to creating sustainable business solutions to problems in their immediate community. The students have learned critical skills during the implementation of the Company Programme and we are proud to celebrate them as they compete in the National competition. I would like to specially appreciate FirstBank Nigeria for their continued support and belief in the boundless potential of young Nigerians’’.
Unity Bank Targets Women; Launches Yanga Account
In its bid to demonstrate increased commitment towards promoting financial inclusion and women empowerment, Nigeria’s retail lender, Unity Bank Plc has launched Yanga Account, a new retail product designed to deepen beneficial impact on Micro Small and Medium Enterprises, MSMEs operated by women in the mass market retail space.
As a product targeted to boost the Nigerian women entrepreneurs, the initiative was intended to create Yanga Experience, from promoting the business, capacity building to health insurance scheme for Yanga Account holders.
A statement by the Bank said that the benefits for signing up to Yanga Account are summed up as ‘The Yanga Experience’. This means that as we target every woman in the mass-market retail space, the Yanga account holders will enjoy many benefits including stress-free savings and investment, access to the services of dedicated Sales Agents, Agency Banking services close to the location of their businesses, special business seminar and training on how to grow business, access to microloans, customized debit cards and other bundled e-banking products.
Speaking at the launch of the product in Abuja on Tuesday, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun stated the “Yanga Account is being launched as a bold attempt to directly cater to women and their respective businesses.”
The Unity Bank Boss, therefore, asserted that the Account “is open to all market women in farming, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. whether living in the communities or cities.”
“Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55% of the financially excluded Nigerians have access to basic and life-changing financial services.”
Recent research by Enhancing Financial Innovation & Access (EFInA) has shown that “Women need economic opportunities if countries are to realize the full potential of their human capital. Financial inclusion can benefit individuals, families, and businesses, supporting key outcomes such as GDP growth”.
Speaking further, Somefun said: “The Yanga account will also be incorporating an affordable Health insurance scheme not only as a part of the product bouquet underpinning the Bank’s belief in health and wellness which translate to wealth creation but also to drive insurance penetration which is presently at 2% in Nigeria. We, therefore, believe that this will provide essential ingredients to growing a business as well as adding greater value for Yanga account holders.
“At Unity Bank, through products like Yanga Account, we continue to align with the vision of the Central Bank of Nigerian and the financial services ecosystem to provide needed support for Nigerian women by enhancing access to wealth-creating opportunities in the financial services sector”.
Also, speaking, Group Head, Retail, SME Banking and E-Business, Unity Bank Plc, Mr. Funwa Akinmade said: “the official launch of the Yanga Account is an extremely important step for us as a Bank because it is one step that brings our services closer to Nigerian women as Unity Bank makes the efforts to further expand its retail footprints in the market.
“At Unity Bank Plc, we have devoted the past few years to constantly innovating with banking solutions to enable us to drive more financial inclusiveness in different market segments, but the Yanga Account is introduced as a bold attempt to directly cater to women and their respective businesses.
“Unity Yanga is a well-packaged banking product that combines several services that most small businesses owned by women will need to become profitable. We are optimistic that Nigerian women will embrace the Yanga Account and leverage its full benefits to grow their businesses.”
FirstBank Wins Private Bank Of The Year Award for 2021
Popular financial institution, First Bank of Nigeria Limited, has been awarded the Private Bank of the year 2021 by Global Finance. Global Finance is the voice of the global market renowned for its comprehensive coverage and analysis of the financial industry, international business and global economy.
The leading financial institution with over 126 years in the banking sector was bestowed the Private Bank of the Year award for its excellent service delivery to customers, its dedication and commitment towards meeting the expectations of its customers whilst providing state of the art financial services to them, irrespective of where they are in the country. The awarding body also praised the bank for Its customer service which has been integral in fostering its relationship with customers.
“We are delighted to dedicate this award to our customers as we appreciate their unrelenting patronage and loyalty over the years. We remain committed to utilising the best technology infrastructure in delivering the best wealth and financial management services to the doorstep of our customers, irrespective of where they are across the world. We appreciate Global Finance for the award,” Mr Gbenga Shobo, the Deputy Managing Director of the bank said while receiving the award on behalf of First Bank.
Global Finance seeks to help corporate leaders, bankers and investors chart the course of global business and finance. The Award was organised to identify the banks around the world that have excelled across several areas, including corporate governance, sustainability and innovation, and have played a key role in the industry’s growth.
Each year Global Finance selects the best financial institutions around the world in line with the recognised and trusted standards of excellence.
This year’s Global Finance award is one of the numerous awards that First Bank of Nigeria Limited has been awarded in 2021. This year, the bank has won, ‘’Retail Banking CEO of the Year Nigeria’’, ‘’Most innovative Retail Banking App Nigeria’’ and ‘’Best CSR Bank Nigeria’’ awards by Global Banking and Finance magazine
Cryptocurrency3 weeks ago
Cryptocurrency Ban: Banks Close Accounts Link to Cryptocurrency Traders in Nigeria
Cryptocurrency2 weeks ago
Shiba Inu Update: Bricks Buster and AMC To Support SHIB Army
Banking Sector4 weeks ago
Stanbic IBTC Continues to Struggle, Profit Drops 40 Percent
Fintech4 weeks ago
Flutterwave Partners Standard Bank to Drive Digital Transformation In Africa
Cryptocurrency3 weeks ago
Shiba Inu Sheds 14.55 Percent in 24 Hours as Whale Moves $2.3 Billion Worth of Shiba
Banking Sector4 weeks ago
First Bank Unveils Fully Automated Branch
Company News4 weeks ago
Dangote Cement Still the King, Generates Over N1 Trillion Revenue in Three Quarters
Finance3 weeks ago
Tony Elumelu Launches Gen-U Sahel Alongside Daughter, Oge Elumelu