GTCO awaits CBN’s H1 2021 audited result approval
By Kayode Tokede
Guaranty Trust Holdings Company (GTCO) plc formerly Guaranty Trust Bank Plc (GTBank) said it awaits Central Bank of Nigeria (CBN) audited financial statement for half year ended June 30, 2021 approval.
The financial institution joined Stanbic IBTC Holdings Plc and United Bank for Africa (UBA) Plc to explain the delay in the release of H1 audited June 30, 2021.
The Company Secretary/General Counsel, GTCO, Erhi Obebeduo in a statement on Wednesday said the company has taken steps to finalise the audited H1 financial statement (AFS) for the period ended June 30, 2021 with the external auditors and some submitted to the Central Bank of Nigeria (CBN) for approval before release of some to the market.
He stated in a statement that: “The CBN is still in the process of reviewing the AFS and same would be published upon receipt of approval.”
In prior half year results, GTBank’s loan book grew by 8.1 per cent from N1.502trillion recorded as at December 2019 to N1.624trillion in June 2020 and customer deposits increased by 18.5per cent to N3.001trillion from N2.533trillion in December 2019.
Profit Before Tax closed at N109.7billion, representing a decrease of 5.2per cent over N115.8billion recorded in the corresponding period of 2019.
The Bank closed the half year ended June 2020 with Total Assets of N4.511trillion and Shareholders’ Funds of N720.9billion.
In terms of Asset quality, NPL ratio and Cost of Risk closed at 6.8per cent and 0.4 per cent in June 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively.
Overall, asset quality remains stable with adequate coverage of 118.1per cent, while Capital remains strong with CAR of 22.9 per cent.
On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 26.8per cent and 4.6 per cent respectively.
The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2020.
However, the Company Secretary, Stanbic IBTC Holdings , Mr Chidi Okezie on Tuesday had said this in a notice informed Nigerian Exchange Limited (NGX) and its stakeholders that the company was currently seeking approval from the CBN to ensure the release of its audited half year results ended June 30.
The notice read: “This is to inform NGX Regulation Ltd. as well as our esteemed stakeholders that we are experiencing a slight delay in the release of the 2021 half year audited financial statements for Stanbic IBTC Holdings Plc.
“This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the CBN for the half-year audited financial statements, following which the said financial statements will then be released to the market.
“We are working diligently to ensure that our company’s half year results are submitted to the NGX as soon we receive approval from our primary Regulator, the CBN; and this may occur before or shortly after the regulatory due date of Aug. 29,” it explained.
UBA last week hinted investing public and management of the NGX that bank’s board at a meeting last week considered and approved the 2021 audited H1 2021 and payment of an interim dividend, subject to the approval of the CBN.
