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GTBank Sustains Growth Momentum
With profit after tax of N142 billion, total assets of N4.6 trillion and shareholders’ funds of N755.5 billion for the nine months ended September 30, 2020, Guaranty Trust Bank Plc has recorded an impressive performance, writes Goddy Egene
Shareholders of Guaranty Trust Bank (GTBank) Plc heaved a big sigh of relief last week after the bank announced its nine months results ended September 31, 2020. The bank reported a performance that was commendable considering the operating environment that prevailed in the review period.
The economy has suffered from the COVID-19 induced lockdown and companies operating are expected to feel the negative impact. Hence, there were apprehension over what the financial results of listed companies, including banks, would look like at the end of third quarter (Q3).
However, GTBank reported a resilient results, showing growth in most performance metrics. The bank recorded a net income of N188 billion, up from N173 billion in the corresponding period of 2019. Net fee income stood at N33 billion, compared with N47 billion in 2019. Loan impairment charges soared by 267 per cent from N2.762 billion to N10.145 billion in 2020.
GTBank ended the nine months with a profit before tax (PBT) of N167.352 billion as against N170.652 billion in 2019, and profit after tax of N142.283 billion compared with N146.989 billion in 2019.
GTBank’s balance sheet remained well structured, diversified and resilient with total assets and shareholders’funds printing at N4.574 trillion and N755.5 billion respectively. Full impact capital adequacy ratio (CAR) remained very strong, closing at 23.9 per cent. Similarly, asset quality was sustained as non-performing loan(NPL) ratio and cost of risk (COR)closed at 6.5 per cent and 0.6 per cent in September 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively.
In all, GTBank Plc continues boast of the best performing indicators in terms of all financial ratios including: post-tax return on equity (ROAE) of 26.3 per cent, post-tax return on assets (ROAA) of 4.6 per cent, and cost to income ratio of 40.2 per cent.
Commenting on the performance, the Managing Director/CEO of GTBank Plc, Mr. Segun Agbaje, said: “Our third quarter (Q3) result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”
According to him, as an organisation, “we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”
Assessing the results, analysts at FBNQuest Research said GTBank’s 9M PBT of N167bn implies that the bank will have to deliver Q4 PBT of N68 billion to meet its full year guidance of N235 billion.
“While this is not impossible, we believe that it would be a stretch given the prevailing macroeconomic and low yield environment. Management was unwilling to revise its guidance on its Q2 2020 conference call. As such, it appears the bank’s current run-rate is more in line with our N229 billion full year PBT forecast. Further down the profit and loss (P&L), PAT missed by 12 per cent, largely because of a negative result of -N4.4 billion in other comprehensive income (OCI). Despite this, the bank’s PAT still implies a healthy annualised ROAE of 28.9 per cent, ahead of its full year ROAE guidance of over 25 per cent. We expect a neutral reaction from the market following the limited surprises on the results,” they said.
Speaking only on the third quarter(Q3) result, FBNQuest said Q3 PBT grew five per cent to N57.6 billion on the back of six per cent increase in pre-provision profit and two per cent reduction in operations expenses(opex). Pre-provision profit growth was driven by 10 per cent increase in funding income, thanks to a sharp reduction in interest expense.
In bid to sustain its impressive performance and deliver returns to shareholders, the bank is proposing to diversify into payment service banking (PSB), asset management business and pension administration among others. This the bank hopes to achieve through the adoption of a holding company (HoldCo) structure.
The Central Bank of Nigeria (CBN) has given the bank an approval-in-principle to commence the transform into HoldCo structure. According to the bank, reorganisation is expected to be implemented by means of a scheme of arrangement with its shareholders pursuant to the Companies and Allied Matters Act.
Agbaje explained that the competitive landscape as it were for the non-core banking businesses didn’t warrant the bank retaining the subsidiaries and pushing it into adopting the HoldCo model.
He said: “We got our universal banking license in 2001. But you will remember that when the financial crisis happened, universal banking license was cancelled and the CBN decided that you either stay as a bank, or you went into a holding company structure.
“At the time, because the competitive landscape was very different from what it is today, we decided that we were going to focus on our banking business, and it was the right decision for us then. Because we went from number seven in profit to number one, some years, we have been number two, but basically, we have been number one most of the years.”
The MD/CEO said while it was the right decision to take at that time, he added that the competitive landscape today has necessitated diversifying the banking earnings, hence, the decision to go the HoldCo way.
“When you look at what is happening to banking, or you look at what I’ve been describing to you, and the people who are basically looking to take banking income, it is time to diversify our earnings. The only way you can legally diversify your earnings in Nigeria today is going into a holding company structure, because as a pure bank, you cannot do more than banking,” he said.
According to Agbaje, the bank proposes to diversify into payment service banking (PSB), asset management business and pension fund administration (PFA). He explained that this diversification would not distract its core banking business.
It envisages to go greenfield with the PSB while seeking to acquire an asset management company and a PFA. Nevertheless, if acquiring these companies are expensive, the bank has the option of going Greenfield with them. And for now, is not looking the way of insurance business, even though it is not foreclosing the idea of operating the business in the future.
Agbaje stressed that poised to take advantage of opportunities inherent in the HoldCo arrangement, GTBank has therefore looked at some sectors that “create great synergies for it to create great opportunities.”
“We looked at some sectors, which we think today create great synergies for us and create great opportunities. The first one is payments. We love the payment landscape, you can see what is happening with FinTechs, we think we should compete with the FinTechs, we think we should grow the business, and that it is definitely a business for the future. And so it’s a place we would like to play to diversify the earnings base of the bank. We like asset management. The reason we like asset management is that it complements our business, we’ve grown a very good retail business today. Sometimes when people want a higher yield, then we lose that money to other institutions. But, we will create our own asset management company so that when the retail money looking for yield leaves us, it goes to someone that is in our ecosystem, and we consolidated profit and loss. A system where you can do payments, you can do asset management, once you come into your bank ecosystem is what we are beginning to build,” he said.
Talking on the PFA, Agbaje said the PFA business is continuing to grow. Hence the need to focus on it and benefit from it.
“And essentially what we are trying to do is do as much as we can for the customer base that we have. And we think that this is a good place to start and that this will diversify our earnings base and create value. The go to market plan for this is very simple. I have started to tell you about the first one, which is the diversifying to what we think of complementary businesses and services, payments, asset management, and PFA for today, there might be other businesses, the people like the one I always hear about is insurance. But I think that if we are going to be dominant in the businesses that we have picked, it is better we focus and we stop with those. And then maybe one day down the road if we’re very successful with everything else, we can look at insurance. We are also going to face our core banking business we are never going to let that drop because GTBank Nigeria continues to be the mother ship for us, and apart from our corporate business which is very strong, which will continue to hold, we will make sure that we continue to deepen our retail and SME business,” he said.
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.
L-R: District Head, Kyangakwai, Alhaji Suleiman Musa; Former Speaker, Kebbi State House of Assembly, Mr Isma’ila Abdulmumuni Kamba; District Head, Kamba (Sarkin Shikon Kamba), Mamuda Zarummai; Council Secretary, Dandi Local Government, Kebbi State, Alhaji Abdulkadir Muhammad; and Regional Bank Head, North-West Zone 2, Fidelity Bank Plc, Mr Muhammad Lawal-Ahijo; at the official commissioning of the new Fidelity Bank Plc branch in Kamba, Dandi Local Government Area, Kebbi State recently.
Residents of Kamba in Dandi Local Government Area of Kebbi State have welcomed the opening of a new branch of Fidelity Bank Plc, describing it as a major milestone that will ease long-standing financial and logistics challenges faced by farmers, small-scale traders and individuals in the community.
The Chairman of Dandi Local Government Council, Dr. Mansur Isah-Kamba, described the branch as a welcome relief after years of limited access to formal banking services. Represented by the Council Secretary, Alhaji Abdulkadir Muhammad, Isah-Kamba noted that residents – including over 83 traditional rulers on the local government payroll—previously travelled long distances to Birnin Kebbi for routine banking transactions.
“With the opening of this branch in our locality, the stress, cost and time associated with banking outside the community will be significantly reduced,” he said. He also commended Fidelity Bank for its foresight and commitment to supporting farmers and small and medium-scale enterprises (SMEs).
On his part, the Sarkin Shikon of Kamba, Alhaji Mahmoud Zarumai-Fana, described farming as the primary occupation in the area will help improve commercial activities.
“Our people are predominantly farmers. Access to financial services will help them improve productivity and livelihoods. Farmers need support such as pumping machines, fertilisers, and pesticides, and proximity to banking services will make it easier to save, access loans, and participate in agricultural intervention programmes,” he said.
Speaking at the official inauguration ceremony, Regional Bank Head, North‑West Region, Fidelity Bank Plc, Mr. Muhammad Lawal‑Ahijo, highlighted the bank’s commitment to expanding financial access and supporting economic growth across Nigeria.
“Our decision to establish this branch is rooted in our belief that every community deserves access to reliable financial services that enable people to grow, businesses to thrive, and local economies to prosper. Kamba is a thriving agricultural community, and the decision to open a branch here is a strategic investment in the future of its farmers, traders, and households. While the infrastructure is for the bank, this branch belongs to the community. We encourage residents to take ownership by fully utilising the services available.” Lawal-Ahijo said.
He further noted the bank’s overall dedication to empowering informal sector workers and small and medium-scale enterprises (SMEs), adding, “Our goal is to bring banking closer to the people and support farmers, SMEs and households with accessible financial services that drive sustainable growth.”
In his remarks, a member of the Kebbi State House of Assembly representing Dandi Constituency, Dr. Abubakar Suleiman-Fana, said the new branch marked a significant step toward strengthening financial inclusion in rural communities.
“This is a milestone for our constituency. Financial inclusion is critical to rural development, and farmers, traders, and youths must take advantage of this opportunity to grow their businesses and improve their economic well-being,” he said.
Residents also expressed delight about the impact the new branch will have on their daily lives. A petty trader, Mrs. Hassana Abubakar, said she previously had to close her shop whenever she travelled to Birnin Kebbi for banking transactions.
“Now I can do my banking here without losing a whole day’s business. This will help my shop grow,” she said.
The opening of the Fidelity Bank branch in Kamba underscores the bank’s ongoing commitment to advancing financial inclusion, supporting rural economies and empowering farmers and small businesses across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing 73790#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
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