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Capital and reserves Share capital The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to vote at meetings of the Group. All ordinary shares and GDR shares rank pari-passu with the same rights and benefits at meetings of the Group. Share premium is the excess paid by shareholders over the nominal value for their shares.
Total statutory reserves was N,,, at the end of the Therefore it has been recognised in Regulatory Risk year. Under the terms of the guideline amended by CBN recognised income net of expenses plus current letter dated 11 July , the contributions will be year profit attributable to shareholders. However, this requirement is no longer mandatory. The small and medium scale industries equity investment scheme reserves are non-distributable.
The fund is domiciled with CBN. The contribution from Dec PAT will be made during financial year. This is in line with Section 9. The Bank during the year declared and paid an interim dividend of 30k per share.
Subsequent to the balance sheet date, the Board of directors proposed a final dividend of k per share 31 December k per share on the issued ordinary shares of 29,,, of 50k each. The total amount claimed in the cases against the Bank is estimated at N However, the solicitors of the Bank are of the view that the probable liability which may arise from the cases pending against the Bank is not likely to exceed N This probable liability has been fully provided for by the Bank please refer to Note Contingent liabilities and Commitments comprise guarantees and letters of credit.
Documentary credits commit the Group to make payments to third parties on production of documents, which is usually Nature of instruments reimbursed immediately by customers. The following tables Guarantees and letters of credit are given as security to summarise the nominal amount of contingent liabilities and support the performance of a customer to third parties. Acceptances, bonds, guarantees and other obligations for the account of customers: a. These comprise: In thousands of Nigerian Naira Group Group Parent Parent Contingent liabilities: Dec Dec Dec Dec Transaction related bonds and guarantees ,, ,, ,, ,, Commitments: ,, ,, ,, ,, Short term foreign currency related transactions Clean line facilities and letters of credit - 1,, - - Other commitments 51,, 70,, 22,, 43,, 8,, 7,, - - 60,, 80,, 22,, 43,, b.
The cash-collaterised component of the bond and guarantee is N50,,, 31 December N,,, while the balance of N,,, December N,,, is non- cash. Unconsolidated interests in structured entities The table below describes the types of structured entities that the Group does not consolidate but in which it holds an interest.
The Bank does not have the rights to direct the entities to enter into, or veto any changes to transactions for the benefit of the Bank. In addition, the bank does not exercise decision-making rights that give the bank the ability to direct the relevant activitiesof the entities. Related parties on consolidation, hence, theyare not disclosed in the consolidated financial statements but are disclosed in the a Related party transactions books of the Bank.
Parties are considered to be related if one party has the ability to control the other party or exercise influence During the year, the Bank received Dividend of over the other party in making financial and operational N2,,, The definition and N,, The Bank party transactions. No fees were received or paid by the Bank may be expected to influence, or be influenced by with respect to transactions with the subsidiaries during the that individual in their dealings with Guaranty Trust period.
Bank Plc and its subsidiaries. The definition of key management include the to companies whose directors are also directors of Guaranty close family members of key personnel and any entity Trust Bank Plc Director Related or related to a Key Manage- over which they exercise control.
The Close family members are those family members who bank earned a sum of N80,, on insider related facili- ties during the year. Services Director Related Demand Deposit 2, Kalejaiye, Olanrewaju Oluwatoyin Insider Related Demand Deposit 31 - 3, 35 11, 1 - 1 30 - - 31 - , - - 3, , 4, 7, , Interest expense on insider related deposits was N17,, during the year. The secured loans granted are secured over real estate, equity and other assets of the respective borrowers. No impairment losses have been recorded against balances outstanding during the period with key management personnel, and no specific allowance has been made for impairment losses on balances with key management personnel and their immediate relatives at the year end.
The adoption of IFRS 9 will not result in any material change in the classification of financial assets when compared to the classification under IAS The estimated impact is primarily attributed to the implementation of the Expected Credit Loss impairment requirement of the standard. Difference in Impairment for Stage 3 loans and advances under IFRS 9 and individually impaired loans under IAS 39 stems from application of multiple scenarios in IFRS 9 Model for the determination of expected recoverable amounts and impairment allowances.
Corporate Loans iv. Facilities granted to Federal, State and Local Banking industry which was at the brink of a crisis as a result of spiral effects of the global financial meltdown, governments and their parastatals. Facilities not specifically classified as specialized guidelines. Paragraph Prudential Provisions is greater than IFRS provisions; transfer the difference from Furthermore, if the occurrence of a loss event is certain, the general reserve to a non-distributable appropriate provisions will be made regardless of the regulatory reserve.
Specialized Loans be transferred from the regulatory reserve The provisioning policy for specialized loans covers the account to the general reserve to the extent following: of the non-distributable reserve previously i. Agriculture Finance recognized. Mortgage Loan iii. Margin Loan b The non-distributable reserve should be classified iv.
Project Finance under Tier 1 as part of core capital. Object Finance vi. SME Loan The group has fully complied with the requirements of vii. Real Estate Loan Commercial and Residential the guidelines. Provisioning as recommended by Prudential Guideline Loan provisioning is segregated along two 2 categories as detailed below: 1. Commercial Loans ii. Agriculture Finance a. Margin Loans The shares backing margin facilities shall be marked to market on a daily basis in order to determine the potentialloss in the portfolio.
Provisions shall be made periodically for the excess of loan balance over the market value ofthe underlining shares. Any increase in the mark to market value from the previous valuation shall be recognized to the extent of the previous charge-off made. SME Loan a. As a result, the Bank has built up Operational Risk Management also monitors Strategic a robust OpRisk loss database detailing relevant and Reputational Risks from a broad perspective. OpRisk loss data for seven years.
A risk-based approach has due to unexpected circumstances. All branches and Head- assessing and managing risks and uncertainties, Office departments are required to complete the affected by internal and external events or factors, Risk Self-Assessment process at least once a year. This is done with the ultimate goal mapping of prevalentoperational risks across the of creating and protecting stakeholder value. A detailed risk register cataloguing key risks identified and controls for implementation is also A specialized template is deployed for tracking key developed and maintained from this process.
This process identifies inherent operational risks and The Bank considers Reputational Risk to be the current tests the quality of controls the Bank has in place and prospective adverse impact on earnings and capital to mitigate likely risks. It measures the change in perception of the Bank by its stakeholders. A responsibly. Medium to High risk trends are reported risk. All adverse trends identified are reported to in the Monthly and Quarterly Operational Risk relevant stakeholders for timely redress.
Status reports circulated to Management and key stakeholders. Whilst the Bank has the required systems that demonstrate its capacity to resume OpRisk loss data to migrate to other capital calculation business within a short timeframe in the event of methods i. BCP , which is reviewed and updated periodically to ensure reliability and relevance of information The estimated OpRisk Capital Charge is reported to contained. Various testing and exercising the Board and Management for guidance in Capital programs are conducted bank-wide to ensure that Planning and decision making.
The Board lays down the principles mitigants to forestall reoccurrence on how operational risk incidents are to be identified, assessed, controlled, monitored and measured. In addition, awareness on health and framework bank-wide. It ensures that all departments safety issues are presented periodically on the intranet. Risk Sharing and Risk Avoidance. All process owners are responsible for the day-to-day Operational Risk Reporting — Monthly, quarterly, management of OpRisk prevalent in their respective and annual reports highlighting key operational risks Departments, Groups, Divisions and Regions.
Reports are also generated and circulated reviews on the implementation of OpRisk Policies and on a need-basis. Procedures bank-wide. In line with best practices, the cost of risk incidents or emerging trends observed. Activities of Cards Operations We continually encourage the usage of our cards both locally and internationally by providing the enabling The Group continues to abide by the minimum environment for smooth operations in terms of standards and requirement for the issuance and usage provision of modern technology.
We carry out continuous Presented below are the highlights of our card upgrade of our card systems to ensure optimum transaction volumes for period ended 31 December security, absolute efficiency, cost effectiveness and We also implemented stringent fraud control measures to reduce financial loss to the bank and our customers.
Constant follow up with debited but fails due to relevant stakeholders e. It is accessible from anywhere in the world and open for business 24 hours a day, seven days a week; even on public holidays. Our GTConnect numbers are: , 01 , or Our internet Banking Service is equipped to enable you make 3rd party transfers to all bank accounts in Nigeria and foreign exchange transfers to any account in the world.
Please visit www. The service offers an efficient platform for paying school fees, medical bills, mortgages and other foreign payments. GTFX transactions can be initiated whenever you want from the comfort of your home, office or on the go. To ensure the safety of your funds, all online transfer requests are acknowledged via e-mail and secured by multiple passwords in addition to the use of a token hardware.
The GAPS application form can be downloaded at www. This product enables corporate customers accept payments through their websites from their customers wherever they are worldwide, thereby taking their businesses global. The benefits of GTPAY include: convenience, international acceptance, global reach, reduced costs, increased sales and promotion of cashless transactions. GTPAY is an essential solution for every customer with an online presence.
Customers are automatically registered for Electronic mail notifications which is free for all Guaranty Trust Bank customers You can subscribe for GeNs SMS notifications via any of the following options listed below: 1. It is denominated in US Dollars and can be used to settle payments in other major currencies. It features extensive purchasing and travel benefits that are carefully designed to provide privileged access and memorable experiences.
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