The management of Guaranty Trust Bank Plc (GTBank) has notified the Nigerian Exchange Limited Plc (NGX) of imminent changes on its Board of Directors.
The Company Secretary, GTBank, Erhi Obebeeduo in a statement to NGX on Wednesday said: “The attention of Guaranty Trust Bank Plc has been drawn to news circulating in the media about imminent changes on the Board and Management of the Bank.
“As an organization listed on the Nigerian Exchange Limited and regulated by the Central Bank of Nigeria, there are processes that guide such Board changes and channels of communication of such changes as required by regulation.
“The Board of the Bank has approved certain changes in its constitution and is presently engaging its primary regulator on same and would formally communicate upon the conclusion of all required regulatory engagements.”
Western Post had reported that a major management restructuring at the final stage of completion is set to produce Mrs. Miriam Olusanya as the first female Chief Executive Officer (CEO) of GTBank.
According to multiple sources, the bank is set to announce Miriam Olusanya as its new Managing Director.
The CBN had already been notified and a formal announcement could be made anytime soon.
Sources said a clean sweep of top management staff above the age of 45 has been effected as current maverick MD/CEO Segun Agbaje prepares to retire and proceed as MD/CEO of the bank’s Holding Company.
Agbaje is expected to leave following the end of his 10-year tenure as Managing Director of the bank.
The bank’s gross earnings expanded 4.58 per cent year-on-year to N455.23 billion in 2020 on the back of a relatively strong growth in non-interest income.
In the year, the bank’s non-interest income swelled up 11.06 per cent above the amount reported in financial year 2019. Interest-related income surged marginally at 1.53 per cent as a result of low interest rates’ environment in the Nigerian economy.
Lender’s net interest margin (NIM) contracted, albeit slightly, to 9.26 per cent from 9.28 per cent in 2019, supported by efficiency in deposit mix.
In a new report, analysts at Meristem Securities said the bank’s non-interest income was buoyed by FX revaluation and financial instruments trading gains, as fee-based income (net) declined significantly by 14.80 per cent.
Meanwhile, other than the spike in impairment charges, costs were largely kept in check with cost-to-income ratio at 38.24per cent – below management guidance of 40 per cent – from 36.11 per cent in 2019.
The bank’s improved current and savings account (CASA) mix and low cost of funds that dropped to 1.19 per cent from 2.30 per cent in 2019 helped mitigate the impact of higher operating expenses.