CBN fines GTBank N128.6m for failing to meet regulatory requirements

The Central Bank of Nigeria (CBN) has fined Guaranty Trust Bank (GTBank) N128.6 million over the bank’s inability to meet several regulatory requirements.

It was learnt that CBN fined GTBank for offences relating to failure in the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) examination.

The financial institution was also penalised for infractions relating to CBN Prospective Employee Clearance Review, Consumer Protection Review, failure in the Risk Asset Examination and CBN Review infraction.

According to a statement breakdown in the lender’s financial record for the full year 2022 seen by Ripples Nigeria, GTBank was fined N20 million for failing the 2021 Risk Asset Examination.

The bank led by Miriam Olusanya also received a fine of N21.25 million for failing the 2021 Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) examination.

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GTBank also lost N10 million due to an infraction relating to the 2021 CBN Prospective Employee Clearance Review and another N10 million was lost to a fine relating to Consumer Protection Review in 2022.

The list of sanctions included N67.35 million for CBN Review infraction, the statement seen by this publication showed, taking the total fine to N128.60 million.

Meanwhile, GTBank suffered a -3.24 per cent decline in its net profit last year. The profit after tax dropped by N5.66 billion to close 2022 with N169.17 billion, compared to the N174.83 billion reported at the end of 2021.

The management was unable to save GTBank’s bottom line despite managing to grow earnings to N539.23 billion in 2022. This is above the N447.81 billion gross earnings the year before.