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Gtbank’s Q1 2021 Earnings Struggles - Business - Nairaland

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Gtbank’s Q1 2021 Earnings Struggles by JPhilip: 3:50pm On Apr 26
GTBank released its Q1 2021 numbers earlier this week showing a 9% decline in Profit After Tax.

This decline is a result of the lower yield environment where yields on government securities trended to single digits in the final quarter of 2020 and first quarter of 2021.

For GTBank, its interest income declined from 75 billion naira to 55 billion naira due to reduced trading income on its investment securities. This is an unexpected dip in securities trading for the bank.

While other Tier 1 banks such as UBA suffered a decline of 12% in investment securities income, GTBank’s decline more than doubled at 27% (17 billion naira). This is quite a worrying trend and with a challenged economy, it’s time to re-evaluate GTBank as an investment proposition.

The bank operates a curious model in the industry where the Executive Director for Wholesale Banking also acts as the Treasurer. These are typically two distinct roles with the Treasurer reporting into the Executive Director, but it appears GTBank management is unwilling to either pay market rates for a Treasurer or release the reigns from the long-time Treasurer who is also the Executive Director. It begs the question as to whether not being fully focused on the Treasury function might be driving this sub-optimal performance.

The bank continues to rein in its costs and best-in-class in Cost-Income Ratio (CIR) metrics. However, without generating growth in its treasury activities, it might be in the early days of losing its pride of place amongst Tier 1 banks.

With the CEO, Segun Agbaje transiting from his position as bank CEO to HoldCo CEO in July 2021, it is hoped that he hands over a Treasury function that is capable of delivering robust returns GTBank has been known for.

https://www.herald.ng/gtbanks-q1-2021-earnings-struggles/

2 Likes 1 Share

Re: Gtbank’s Q1 2021 Earnings Struggles by jayworld15(m): 3:58pm On Apr 26
One of the Ali and the forty thieves. The effect of economic hardship is eating deep into every area in Nigeria. Be it in terms of goods purchased or services rendered, one must surely groan and feel it. I pray 2022 wont bite harder in this country.

12 Likes 2 Shares

Re: Gtbank’s Q1 2021 Earnings Struggles by vecman22(m): 3:58pm On Apr 26
N
Re: Gtbank’s Q1 2021 Earnings Struggles by Felabrity: 3:58pm On Apr 26
That was the reason dey deducted 600 naira from their customers?

1 Like

Re: Gtbank’s Q1 2021 Earnings Struggles by Skepticus: 3:58pm On Apr 26
cool
Re: Gtbank’s Q1 2021 Earnings Struggles by shiki(m): 3:58pm On Apr 26
The way these banks are milking money from customers I don't really care if they make gain or not. All I know is ....they make money

3 Likes

Re: Gtbank’s Q1 2021 Earnings Struggles by Thelannister: 3:59pm On Apr 26
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Re: Gtbank’s Q1 2021 Earnings Struggles by scribble: 3:59pm On Apr 26
Segun na olodo from time

Just to dey cruise PJ, Maybach and embezzle money

1 Like

Re: Gtbank’s Q1 2021 Earnings Struggles by Juanmike: 3:59pm On Apr 26
H
Re: Gtbank’s Q1 2021 Earnings Struggles by wafun: 3:59pm On Apr 26
Okay o
Re: Gtbank’s Q1 2021 Earnings Struggles by revived: 4:00pm On Apr 26
Shiiii
Re: Gtbank’s Q1 2021 Earnings Struggles by Jerrick(m): 4:00pm On Apr 26
All these grammars wey GTbank dey blow me I know understand. Make nothing sha affect my yearly dividend.

3 Likes

Re: Gtbank’s Q1 2021 Earnings Struggles by Brainard22: 4:01pm On Apr 26
Re: Gtbank’s Q1 2021 Earnings Struggles by chatinent(m): 4:01pm On Apr 26
Ok o
Re: Gtbank’s Q1 2021 Earnings Struggles by Posotome: 4:02pm On Apr 26
after deducting your money recklessly

they still running debts?

MAY GOD SAVE US OH
Re: Gtbank’s Q1 2021 Earnings Struggles by LaIabobo: 4:02pm On Apr 26
GTBank and many other businesses are suffering. However, this doesn't mean they made a loss.

1 Like

Re: Gtbank’s Q1 2021 Earnings Struggles by Fibonacci88: 4:09pm On Apr 26
The decline in treasury bill rate is taking a hit on some of these banks who left d main business of lending to chase easy profits. GTB Would rather stack billions in treasury bill and get 9% than lend to retail customers. If not for the CBN LDR a lot of these banks have left d core businesses of banking which is lending to chase easy profits thereby crippling the macro economy.

6 Likes 2 Shares

Re: Gtbank’s Q1 2021 Earnings Struggles by peacettw: 4:10pm On Apr 26
It's bound to struggle especially with piggyvest, kuda and their likes being the better options

1 Like

Re: Gtbank’s Q1 2021 Earnings Struggles by ejyke84: 4:11pm On Apr 26
Is that why they are deducting 1000 naira as sms charge for a month?

1 Like

Re: Gtbank’s Q1 2021 Earnings Struggles by Ishilove: 4:16pm On Apr 26
Why won't they struggle? Useless bank
Re: Gtbank’s Q1 2021 Earnings Struggles by chicogentil(m): 4:21pm On Apr 26
So this is the reason why they've been deducting peoples money recklessly
Re: Gtbank’s Q1 2021 Earnings Struggles by sonnie10: 4:27pm On Apr 26
Those days of GTbank 1:2 stock bonus was good. Ten years now nothing like bonus shares anymore.
Re: Gtbank’s Q1 2021 Earnings Struggles by cooltola(m): 4:30pm On Apr 26
abeg switch to dollars ,pounds for your savings

1 Like

Re: Gtbank’s Q1 2021 Earnings Struggles by Coldie(m): 4:37pm On Apr 26
Useless bank. They will be deducting money from your account for almost everything u do involving them
Re: Gtbank’s Q1 2021 Earnings Struggles by GodWrites: 4:54pm On Apr 26
One of the most useless bank in Nigeria. Last four weeks I went to open an account with them.

After filling the gigantic form, I was told that I'll receive my account details via sms.

Two weeks later and I was yet to get an alert. Had to go back again and they couldn't even see my info.

They went to toilet with the form? Only Allah knows!

I was given yet another gigantic form to fill. If not that I really needed the account, I would have walked out.

5 days later, I got a call from one of them telling me to look for a pen so he could call the account number.

What about a simple SMS?

You have to see how their staff behaves. They will stay in front of customers and be gossiping like market women.

If I get any useless deduction, I'll be closing the account for good!!!

3 Likes

Re: Gtbank’s Q1 2021 Earnings Struggles by EndBuhariNow(m): 4:57pm On Apr 26
When are they officially handing over to innoson

2 Likes

Re: Gtbank’s Q1 2021 Earnings Struggles by kingemaker(m): 4:58pm On Apr 26
If Economic hardship starts hitting the banks, just know that it is over. It has never been this bad mehn.

2 Likes

Re: Gtbank’s Q1 2021 Earnings Struggles by Dre183(m): 5:10pm On Apr 26
Make nothing Sha happen to my last #5500 in my account.
Re: Gtbank’s Q1 2021 Earnings Struggles by grandstar(m): 5:13pm On Apr 26
Now, things are making a bit of sense.

With yields in single digits while inflation is in double digits, there seems to be a looser monetary policy than before which may be fuelling inflation.

The ease at which prices of goods are rising without much resistance is worrying. It's not just simply food items which government blaming Boko Haram and bandits for but also of manufactured goods and services especially transport.

3 Likes

Re: Gtbank’s Q1 2021 Earnings Struggles by CapitalBank: 5:27pm On Apr 26
GodWrites:
One of the most useless bank in Nigeria. Last four weeks I went to open an account with them.

After filling the gigantic form, I was told that I'll receive my account details via sms.

Two weeks later and I was yet to get an alert. Had to go back again and they couldn't even see my info.

They went to toilet with the form? Only Allah knows!

I was given yet another gigantic form to fill. If not that I really needed the account, I would have walked out.

5 days later, I got a call from one of them telling me to look for a pen so he could call the account number.

What about a simple SMS?

You have to see how their staff behaves. They will stay in front of customers and be gossiping like market women.

If I get any useless deduction, I'll be closing the account for good!!!

They have been the best bank for years and only recently did the start experiencing this sort of thing. I learned that their top guys left, hence the reason for this problem.

1 Like

Re: Gtbank’s Q1 2021 Earnings Struggles by Durklil: 5:38pm On Apr 26
Really

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