Connect with us

Business

GT Bank Forecasts N22bn Net Profit In Q3

Published

on

Guaranty Trust Bank Plc has forecast gross earnings of N106.1 billion and profit after tax of N21.9 billion for the third quarter ending September 30, 2009.

The bank had already reported gross earnings of N36 billion for the first quarter ended March 31, 2009 compared with N23 billion in the first quarter of 2008, representing a growth of 57 per cent, profit before tax of N13 billion as against N9 billion in 2008; an increase of 44 per cents and a profit after tax of N10 billion as against N7 billion, a growth of 43 per cent.

Also, GT Bank had reported gross earnings of N104.120 billion for the 10 months ended December 31, 2008 compared with gross earnings of N81.496 billion during the 12 months ended February 28, 2008, representing a growth of 28 per cent.

The bank’s profit after tax stood at N28.316 billion in 2008 as against N21.169 billion in the 2007/2008 accounting year, an increase of 34 per cent.

The directors of the GTBank had recommended a divided of N1.00 per share and a bonus of one new share for every four held shareholders whose names appear in the register of members at May 5, 2009.

Mr Tayo Aderinokun, managing director of the bank, told business editors in Lagos recently that the bank would expand its operation to Francophone West Africa following the completion of its Anglo West African expansion.

He said the bank would leverage on the reputation of existing subsidiaries and also embarked on selected investment in the 2009 trading year.

The managing director said the goal of the bank is to become the number one bank in Nigeria in terms of profit before tax and return on equity by 2012.  He said the bank intended to achieve the feat by maintaining its cost income stability and enhancing its leadership across West Africa.

The managing director also said the bank would achieve the targeted performances through focus on growth business, enhanced product and service offering and cost leadership.

Aderinokun said in institutional banking, the bank would capitalize on its existing relationship, oil and gas, telecoms and power, increase penetration in strengthening sectors as well as infrastructure and construction.

In the retail segment of the market, GTBank will target emerging, under-banked Nigerian middle class, embark on strategic branch expansion and invest in alternative delivery channels.

The bank will also focus on insurance, mortgage banking, investment banking and asset management and stock brokerage.

The managing director said under the future outlook of the bank, it would also ensure cost leadership through monthly budgets, out-sourcing of non-incentives for cost savings and invest in reliable technology and “productive” distribution channels.

The bank’s strategy has started to pay off as its first quarter performance for the 2009 trading year showed remarkable improvement over that of 2007.

GT Bank was incorporated as private limited liability company on July 20, 1990.  It obtained a licence to operate as a commercial bank on August 1, 1990 and it commenced business on February 11, 1991.

It became a public limited liability company on April 2, 1996 and its shares were listed on the Nigerian Stock Exchange (NSE) on September 9, 1996.

Continue Reading

Business

NPA Assures On Staff Welfare 

Published

on

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

on

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

on

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending