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GTCO input decrease of N214.2 Billion In Pre-tax Profit

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  According to the new report, as of last year, there is a decrease of N214.2 billion in the pre-tax profit of Guaranty Trust Holding Company (GTCO) Plc.  Speaking on the report, there was a decrease of N35.6 billion in the Ghanian sovereign securities, and also at the end of last year, the company records show a decline in the profit before tax from N221.5billion in 2021 to N214billion which make  3.3 percent. According to the company, there is an increase of 4.6 percent in the group's netbook from N1.80 trillion to 1.89 trillion as of last year which make a growth in the investment. According to the report shown, there is also an increase in Deposit liabilities and the total group assets and shareholders' funds. There is a growth in the Capital Adequacy Ratio. According to the Chief Executive Officer Of Guarantee Trust Holding Company, Mr.Segun Agbaje, Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje, talking about the group res...
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Fidelity Bank Records 112 Percent Increase In Profit

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For the 2022 financial period, Fidelity Bank has revealed that it recorded a profit before tax of N53.7 billion, representing 112.9 per cent annual growth. It said this in a statement on Thursday in its 2022 audited financial statements. According to the bank, its gross earnings rose by 34.4 per cent Year-on-Year to N337.1 billion in the 2022 financial period, driven by 45.2 per cent growth in interest and similar income to N295.6 billion. Commenting on the bank’s performance, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe, said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines. “This validates our growth strategy and capacity to deliver superior returns to shareholders.” Further review showed that net interest income increased by 60.9 per cent YoY to N152.7 billion.
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NGX Halts Shares Trading In Sterling Bank

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The Nigerian Exchange Limited has suspended the trading of shares in Sterling Bank. The suspension which took effect on Thursday is in preparation for a restructuring of the bank,  according to a notice issued by the NGX in its weekly report of activities. The report stated, “The suspension is necessary to prevent trading in the shares of the bank in preparation for the scheme of arrangement between the bank and the holders of its fully paid ordinary shares of 50 Kobo each for restructuring of the bank. “The suspension is required to determine the shareholders who will qualify for the scheme." Also, the bank has requested an extension for the filing of its annual financial statements for the year ending December 31, 2022. Temitayo Adegoke, the Company Secretary and Chief Legal Officer, in a notice to the NGX said that it is working with its auditors to finalise the annual financial statement by the revised deadline of April 30, 2023.
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