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Banking Sector

GTCO Grows Profit by 5.6% in the Third Quarter of 2022

GTCO reported a 23.7% increase in interest income from N68.945 billion recorded in the third quarter (Q3) 2021 to N85.292 billion in Q3 of 2022.

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GTCO Commemorates Listing on Nigerian Exchange - Investors King

Guaranty Trust Holding Company Plc (GTCO) on Tuesday reported a 23.7% increase in interest income from N68.945 billion recorded in the third quarter (Q3) 2021 to N85.292 billion in Q3 of 2022.

The bank disclosed this in its unaudited financial statement obtained by Investors King.

Interest expense grew to N16.452 billion in the period under review, up 25.9% from N13.057 billion filed in the same period of 2021.

The lender’s net interest income expanded by 23.2% from N55.887 billion in Q3 2021 to N68.659 billion in Q3 2022. Net fee and commission income also inched higher to N18.541 billion, a 23.8% increase when compared to N14.9 billion achieved in the corresponding period of 2021.

Net gains on financial instruments classified as held for trading declined by 14.9% from N15.303 billion in Q3 2021 to N13.025 billion.

Profit before income tax appreciated by 12.9% to N66.475 billion from N58.852 billion recorded in the corresponding period of 2021.

GTCO paid N13.684 billion as income tax in the period under review to post a profit after tax of N52.791 billion. A 5.6% improvement from N49.986 billion achieved in the third quarter of 2021.

In September, Segun Agbaje, the Group Chief Executive Officer (CEO) who commented on the bank’s first-half performance, said “We opened new doors of business to Payments Services with the launch of “HabariPay” and led with its flagship product, SquadPOS – a payment solution that allows businesses accept card payments using their mobile phones with a simple tap.

“This is a game-changer for small businesses, many of which have long been limited or left out of the digital payments ecosystem due to the payment industry’s dependence on physical POS terminals. It demonstrates how we are taking forward our mission to removing barriers to financial inclusion and making financial services accessible to everyone and every business.

“We continued to bolster the capabilities of our banking franchise across all the countries we operate, with a focus on creating value for our customers and continuously improving service across all customer touchpoints. Taken together with all our new businesses, I am pleased to report that we are making steady progress on the goals we set at the beginning of the year.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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Banking Sector

FBN Holdings Announces Key Director Appointments

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Femi Otedola

FBN Holdings PLC, a leading financial services group in Nigeria, has disclosed significant appointments within its Board of Directors.

FBN Holdings Plc Appointments:

  1. Mr. Olusola Adeeyo – Non-Executive Director: With an illustrious career spanning over four decades in Corporate Banking, Treasury, Financial Advisory, and transformational leadership, Mr. Olusola Adeeyo brings a wealth of experience to his new role. He is currently the Chairman of Astral Waters Limited, a prominent water bottling and delivery company licensed by NAFDAC. Mr. Adeeyo’s extensive background includes founding management team involvement in building and nurturing Investment Banking & Trust Company Limited (IBTC), now Stanbic IBTC Bank Plc.
  2. Mr. Viswanathan Shankar – Independent Non-Executive Director: With over 44 years of global financial sector experience, Mr. Viswanathan Shankar brings a wealth of expertise to FBN Holdings. He is the Co-founder and CEO of Gateway Partners, a private equity and alternative investments manager focused on dynamic growth markets. Previously, Mr. Shankar served as CEO – Europe, Middle East, Africa, and Americas, and was a member of the global board of Standard Chartered Plc.

First Bank of Nigeria Limited (FirstBank) Appointments:

  1. Mrs. Remilekun Adetola Odunlami – Non-Executive Director: Mrs. Odunlami boasts over 30 years of extensive experience in enterprise risk management, compliance, and general management. She has held leadership positions at CitiBank Nigeria Limited and served as Executive Director, Chief Risk Officer at FirstBank.
  2. Mr. Anil Dua and Mrs. Fatima Ibrahim Ali – Independent Non-Executive Directors: Mr. Dua brings over 50 years of vast experience in portfolio and risk management, while Mrs. Ali has over 15 years of experience in strategic business planning, marketing communications, and socio-economic development.

These appointments underscore FBN Holdings’ commitment to strengthening its governance structure and positioning for sustained growth in Nigeria’s financial.

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