Guaranty Trust Bank eyes Kenyan financial institution

KENYA –  Nigerian multinational financial institution GTBank, has revealed  plans to buy a rival bank in Kenya, adding to the growing list of Nigerian lenders closing acquisitions locally to grow market share. The London and Nigeria Stock Exchanges listed bank said it wants to tap into East Africa’s biggest economy. “I think the place we would still like to do business or do an acquisition is Kenya,” GTB’s managing director, Segun Agbaje told reporters during an investor call, responding to a question about whether there was a plan by the…

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GTB bank increases its gross earning by 4.6% in 2020 compared to 2019

NIGERIA -Guaranty Trust Bank Plc (GTB) has announced an increase in its gross earnings posting a N455.229 billion (US$1.11bn) in 2020, a 4.6 per cent from N435.307 billion (US$1.06bn) recorded in 2019. Net interest income grew by 9.6 per cent from N231.363 billion (US$0.56bn) to N253.668 billion (US$0.62bn), while net fee and commission income fell from N59.444 billion (US$0.14bn) to N46.935 billion (US$0.11bn). Loan impairment charges soared by 298 per cent to N19.573 billion (US$48m), from N4.912 billion (US$12m) in 2019. Personnel expenses witnessed a marginal increase from N37.284 billion…

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