Nigeria’s Biggest Bank Forecasts Slower Profit, Economic Growth in 2019

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Guaranty Trust Bank Plc, Nigeria’s biggest lender, expects profit growth to slow in 2019 from last year.

Pre-tax earnings are forecast to increase by 2 percent this year to 220 billion naira ($612 million) after rising 9 percent in 2018, the Lagos-based bank said in a presentation on its website. Guaranty Trust Bank sees its return on average equity at “above 25 percent” this year, compared with 31 percent in 2018.

The lender said in January it expects a slowdown in economic activities and banking operations in the West African nation this year amid uncertainties surrounding last month’s presidential and parliamentary elections and lower oil prices, the country’s main revenue earner.

The loan book will probably grow by 10 percent in 2019, after dropping by 13 percent last year, the lender said.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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