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GTBank Releases 2020 Half Year Audited Results

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…….. Reports Profit before Tax of ₦109.7Billion
Lagos, Nigeria – September, 2020
Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2020 to
the Nigerian and London Stock Exchanges.
The half year result reflects GTBank’s leading position as one of the best managed financial institutions in
Africa. The Bank’s loan book grew by 8.1% from ₦1.502trillion recorded as at December 2019 to
₦1.624trillion in June 2020 and customer deposits increased by 18.5% to ₦3.001trillion from ₦2.533trillion
in December 2019. Profit before Tax closed at ₦109.7billion, representing a decrease of 5.2% over
₦115.8billion recorded in the corresponding period of 2019.
The Bank closed the half year ended June 2020 with Total Assets of ₦4.511trillion and Shareholders’
Funds of ₦720.9Billion. In terms of Asset quality, NPL ratio and Cost of Risk closed at 6.8% and 0.4% in
June 2020 from 6.5% and 0.3% in December 2019 respectively. Overall, asset quality remains stable with
adequate coverage of 118.1%, while Capital remains strong with CAR of 22.9%. On the backdrop of this
result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 26.8% and 4.6% respectively.
The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended
June 30, 2020.
Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun
Agbaje, said; “These are undoubtedly tough and trying times for people, businesses and economies the
world over. Our financial performance in the first half of the year reflects the quality of our past decisions
which have broadened our earnings and strategically positioned us to thrive, thus far, through the current
global health and economic crises. Underpinning this financial performance is our commitment to being
there for our customers and the communities we serve, and over the past six months we have lent the full
weight of our franchise to safeguarding lives and livelihoods of our staff and customers by leading from
the front in the fight to curtail the Covid-19 outbreak and offering grace periods on loans to our small
business customers.”
He further stated that “Going forward, our focus is not just to survive this pandemic, but to thrive beyond it.
That is why we are going ahead with our plans to reimagine how we create value for all our stakeholders.
We know that making financial services work for customers goes beyond banking, and in line with our
long-term strategy, we will seek to create and drive innovative financial solutions that go beyond banking.”
GTBank has continued to report the best financial ratios for a Financial Institution in the industry with a
Return on Equity (ROE) of 26.8% and cost to income ratio of 43.2%. Renowned for its forward-thinking
approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most
Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the
pre-eminent survey and ranking of the Top 100 admired brands in Africa. The Bank was also awarded the
Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney
Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for
addressing the impact of the pandemic on its customers and communities.
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ZENITH BANK APPOINTS KENNEDY OKWUDILI AS EXECUTIVE DIRECTOR

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Zenith  Bank Plc has announced the appointment of Mr. Kennedy Onuwa Okwudili as an Executive Director of the bank effective May 1, 2026. The appointment, which is consistent with the bank’s tradition and succession strategy of grooming leaders from within, will further strengthen the bank’s Executive Management.Mr. Okwudili graduated with a Bachelor of Science (Honours) in Accounting in 1998 from the University of Maiduguri, Nigeria, with a Second Class Upper division. He obtained a Masters of Business Administration (MBA) from the Ahmadu Bello University, Zaria, Nigeria in 2008 and a Masters of Science in Accounting from Veritas University, Abuja, Nigeria in 2021.Mr. Okwudili has over twenty-five years of cognate banking experience spanning credit and marketing, treasury, compliance as well as operations and had at different times worked in various zones and departments of the bank. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), 2013, a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), 2024 and an Associate of the Chartered Institute of Taxation of Nigeria (CITN), 2016. He has attended several Executive Education Programmes both within and outside the country, including: Senior Leadership Development Programme at the Lagos Business School, Corporate Directorship Programme at the Harvard Business School and Oxford Advanced Management and Leadership Programme at the University of Oxford, SAID Business School.He is currently the President of Catholic Bankers Association of Nigeria (CBAN) and a member of the Noble Order of the Knights of St. John International (KSJI).

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ZENITH BANK EXPANDS GLOBAL NETWORK WITH NEW MANCHESTER BRANCH

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Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China. In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.

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ZENITH BANK SET TO HOST 2026 INTERNATIONAL WOMEN’S DAY SEMINAR IN LAGOS

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Zenith Bank Plc will commemorate the 2026 International Women’s Day with a renewed call to purposeful action and leadership. As part of preparations to celebrate this significant occasion, the Bank is set to hold its annual International Women’s Day Seminar on Monday, March 9, 2026, at The Civic Centre, Victoria Island, Lagos.Aligned with the global theme ‘Give to Gain” which underscores the principle that sustainable progress is achieved when individuals and institutions invest intentionally in women, Zenith Bank’s 2026 IWD seminar is themed “Take It, You Own It.” The theme reflects the Bank’s belief that while institutions must give through enabling environments and equitable systems, women must also step forward to claim space, own their value, and lead with confidence. It is both an affirmation and a challenge: embrace opportunity, empower yourself and others, and take ownership of your growth journey.Building on the success of previous seminars, including the 2025 edition themed “Winning On All Fronts”, Zenith Bank’s 2026 programme is designed to deepen meaningful engagement around women’s empowerment, leadership, and sustainable impact. Over the years, the Bank’s International Women’s Day initiatives have brought together women leaders, professionals, entrepreneurs, and emerging talents for dynamic dialogue, inspiration, and shared learning around gender equity, professional growth, and inclusive opportunity.More than a commemorative gathering, the 2026 seminar is designed as a convergence of influence, insight, and inspiration, bringing together accomplished women and progressive leaders across business, governance, creative industries, technology, and social impact.Speaking ahead of the Seminar, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, who will deliver the welcome address, said “The International Women’s Day is a reminder that progress requires intentionality. ‘Give to Gain’ speaks to the responsibility institutions have to create real opportunities, while our theme ‘Take It, You Own It’ challenges women to step forward boldly and lead. At Zenith Bank, we are deliberate about building environments where women are supported to grow, thrive, and shape outcomes, not only within our institution but across the communities and industries we serve.”The seminar will include segments focused on leadership insight, professional empowerment, wellbeing, and collaboration, offering attendees opportunities to engage deeply with thought leadership and practical strategies for advancing equity. With a carefully curated programme spanning keynote addresses, panel conversations, Q&A sessions, and creative interludes, Zenith Bank’s 2026 International Women’s Day Seminar promises to be a catalyst for meaningful action.Through its alignment with “Give to Gain” and its bold seminar theme, “Take It, You Own It,” Zenith Bank reaffirms its belief that when institutions give intentionally and women lead confidently, entire ecosystems rise. As conversations around inclusion continue to shape the future of business and society, the Bank remains resolute in its mission to foster platforms where women’s potential is recognised, amplified, and fully owned.

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