Business
GTCO Makes History As First to Hit N1trn Pre-tax Profit in Six Months
GTCO Plc released its second quarter audited financial statements showing a pre-tax profit of N494.5 billion nearly double the same profits reported a year earlier.
This represents the best second-quarter results reported thus far by any financial holding company or bank in Nigeria and follows a blistering N509.3 billion reported in the first quarter of the year.
In total, the bank has now reported a whopping N1 trillion in the first half of 2024.
GTCO’s second-quarter result remains the highest reported by any commercial bank this year and is only second to the bank’s first-quarter results.
- A key driver of the performance was a growth in net interest income which rose by 177% to N264.2 billion.
- This is also the best net interest income reported by the bank for any quarter in its history, underscoring the performance of its risk assets in the period under review.
- To put this into context, GTCO reported a total net interest income of N259.3 billion in the whole of 2022.
- In total, the bank’s net interest income for the first half of the year sums up to about N491.5 billion (2023 FY: N436.6 billion) and was driven by loans to customers.
- A further breakdown shows that N361.9 billion was earned from its Nigerian operations and another N255.9 billion from outside the country.
- However, Nigeria contributed N843.1 billion to pre-tax profits.
- Included in the bank’s 6 months income of N630.2 billion is “Unrealized fair value gain on the financial instrument” of N493 billion and another N130.2 billion on “Unrealized Gain on Forward Transactions”, all connected to forex revaluation.
- This suggests that its N1 trillion pre-tax profits include over N520 billion of unrealized gains.
- The bank also reported gross commission and fees of N113.9 billion which was driven by e-business income of N32.5 billion and N16.3 billion in Commission on foreign exchange deals.
- Account maintenance charges also earned the bank another N15.6 billion.
- GTCO’s Corporate Banking Group remains its bread and butter contributing N521 billion to pre-tax profits with its retail division coming next with N298.6 billion (2023 H1: N63.2 billion)
GTCO also declared an interim dividend per share of N1 to its shareholders which is double the 50 kobo per share paid in the same period in 2023.
Source: Nairametrics
The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun, has commended the lender’s frontline staff for effectively translating its Customer Service Charter thereby forging a culture of responsiveness and exceptional partnership to demonstrate unwavering commitment to customers.
In a message commemorating this year’s Customer Service Week, Mrs. Somefun, who celebrated with staff in customer service roles, expressed deep appreciation to the bank’s clients for their continued trust and loyalty, which have propelled the bank’s growth and success.
“This year’s theme “Above and Beyond” supports our mission at Unity Bank which enables us to reflect on our collective journey so far where our customers are at the centre of our business,” she said.
Somefun further stated that the Bank is continually investing in innovation as well as revamping existing systems, noting that new tools and strategies would be rolled out in the coming months to further enrich customer experiences. “Whether it’s through improved digital platforms or personalized services, we are committed to enhancing the way you bank with us,” she added.
While acknowledging the essential role frontline staff play in creating lasting relationships with customers, Somefun said that through dedication, resilience, and professionalism, Unity Bank Customer Service has demonstrated that it embodies the “Above and Beyond” theme of this year’s celebration.
“Day after day, our staff go beyond the call of duty, ensuring that every customer interaction is handled with care and excellence. They are the reason our customers continue to choose Unity Bank.”
Also speaking, the Bank’s Chief Customer Service Officer, Elfrida Igebu said that, “Throughout the week, we have seen firsthand what it means to go the extra mile. Our commitment to exceeding expectations, personalizing experiences, and showing genuine empathy has set us apart and created lasting connections with our customers.”
She noted that the different activities lined up to celebrate the customer service week “have strengthened the team’s professional capabilities and reinforced the bonds that make us a united team.”
From October 7 – 11, the Bank lined up several activities to celebrate customers and the exceptional teams in its over 200 branches nationwide, rewarding outstanding staff members, while reflecting on the theme of this year’s event – Above and Beyond.
The Bank has continued to prioritize the customer over the past few years through its increased focus on digital strategy. For instance, over the past four years, it has maintained its commitment to customer service excellence by introducing innovative digital products such as the multilingual USSD banking *7799#, and mobile banking solution, UniFi which have boosted customers’ access to the Bank’s services, while facilitating convenience.
These electronic banking channels are constantly updated with new and exciting features to put the customers first and make their banking experiences top-notch in the industry.
Leading Real Estate firm, Adron Homes and Properties, has successfully celebrated the 2024 Customer Service Week, which held between Monday, October 7th and Friday, October 11th, with the theme “Above and Beyond.” The week-long event underscored the company’s unwavering commitment to customer satisfaction as its top priority.
Customer Service Week, observed globally, is an international celebration of the importance of customer service and the people who serve and support customers daily. It provides a platform for companies to appreciate the hard work and dedication of their customer-facing staff, as well as strengthen their relationships with clients.
Throughout the week, Adron Homes organized various activities aimed at enhancing both employee well-being and customer engagement. These included a health talk focused on promoting healthy living, a customer awareness walk to raise visibility and connect with the public, and a mental health awareness session that addressed workplace wellness and stress management, emphasizing the importance of mental health for both employees and clients.
Team bonding exercises were also held to foster collaboration and unity among employees, ensuring they continue to work together in delivering top-tier service. The event concluded with an awards ceremony recognizing staff members who consistently go above and beyond in customer service.
The Director General of the Customer Service Directorate at Adron Homes, Mrs. Aminat Hastrup Olaniyan, praised the company’s leadership for its vision and impact in the real estate sector. “I want to salute the management of Adron Homes for their giant strides in the real estate industry. Their dedication to customer satisfaction has set a standard that others aspire to. I also extend my heartfelt appreciation to all our front-liners for their persistence and the incredible work they continue to do in serving our clients,” she said.
Mrs. Olaniyan’s remarks highlighted the essential role of frontline staff, recognizing their daily efforts to ensure that customers receive the best experience possible.
Group Managing Director, Aare Adetola EmmanuelKing, reiterated the company’s customer-first philosophy, stating, “At Adron Homes, we are committed to exceeding expectations. Customer satisfaction is at the core of everything we do, and this week has been a reflection of our ongoing efforts to improve and deliver outstanding service.”
The Directorate of Customer Service reiterated her commitment to go above and beyond in satisfying and exceeding all our customer’s expectations both home and expanding the frontiers of excellence in customer care and improving customer satisfaction always.
FirstBank, Nigeria’s premier financial institution and leading provider of financial inclusion services, is proud to announce the 63rd edition of the FirstBank Lagos Amateur Open Golf Championship. This prestigious international golf tournament, held under the First@Sports initiative, reinforces FirstBank’s unwavering commitment to sports development and nation-building.
A Legacy of Sporting Excellence
For over six decades, FirstBank has been a driving force in promoting sports in Nigeria, with a focus on golf, polo, and tennis. The FirstBank Lagos Amateur Open Golf Championship stands tall as Nigeria’s most esteemed international golf tournament, attracting top amateur golfers from around the globe.
Unveiling Talent and Fostering Success
This revered competition has become a springboard for success, propelling aspiring professionals to greatness. Many past winners have ascended to the elite professional class, while others have discovered their potential within the tournament’s nurturing environment. The championship provides a global stage for amateur golfers to showcase their skills, earn valuable World Amateur Golf Ranking (WAGR) points, and propel their careers.
This Year’s Edition
The 63rd FirstBank Lagos Amateur Open Golf Championship will take place at the golf club of Ikoyi Club 1938 from November 18-24, 2024. This edition introduces two exciting components:
- “Search for 4 Stars” – empowering 150 young aspiring male & female golfers aged 18-30, currently working as caddies at Ikoyi Club.
- “Championship Kitty” – allowing golfers with a handicap of 10 and above to participate, promoting inclusivity and diversity.
The Corporate Golf Challenge for Charity continues, with net proceeds from team entry fees donated to charities/NGOs under the FirstBank SPARK initiative.
Partnerships and Collaborations
FirstBank has forged strategic partnerships with like-minded organizations to amplify the impact of this year’s championship. These collaborations align with the Bank’s objectives, leveraging collective expertise to create a world-class experience for participants and spectators.
WHAT THEY SAY…
“We are delighted to announce this year’s edition of the Lagos Amateur Open Golf Championship. As we celebrate 63 years of sponsoring the Championship, we reaffirm our dedication to empowering Nigerian youth and promoting national development. Golf has the power to unite, inspire, and transform lives. Through this tournament, we’ve witnessed remarkable success stories, from amateur golfers turning pro to community development initiatives driving positive change. FirstBank remains committed to supporting sports and development initiatives that shape Nigeria’s future and cement its position as a leader in Africa” – Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, FirstBank
On behalf of Ikoyi Club 1938 Golf Club, we are proud and excited to host the FirstBank Lagos Amateur Open Golf Championship once again. This remarkable 62-year partnership has consistently inspired amateur golfers to push their limits and has paved the way for those aspiring to become professional players.
We are confident that the 63rd edition will continue to uphold the excellence of previous tournaments. We warmly welcome FirstBank, the valued Strategic Partners, and all participating golfers and guests to Ikoyi Club 1938 Golf Club – Tade Adekunle, Golf Captain, Ikoyi Club 1938
Concierge Sports is honoured to serve as the Consultant and Event Manager for the prestigious FirstBank Lagos Amateur Open Golf Championship. As we celebrate the 63rd edition of this iconic event, we are particularly excited about the introduction of new sub-events that enhance empowerment and inclusivity within the Championship.
We extend our gratitude to our long-standing Strategic Partners for their continued support and warmly welcome our newly onboarded partners. Their collaboration is integral to the success of this renowned tournament – Kayode Oguntayo, Concierge Sports
From 18th to 24th November, we will witness a thrilling week of golf, and we eagerly anticipate crowning the next Amateur Champion of the year.
