Wole Olajide
Guaranty Trust Bank in its unaudited financial statement for the period ended 31 March 2020, gave an update on proactive measures taken by the group against the covid-19 pandemic which according to the bank triggered a significant disruption to economic activities as well as reduction in social interaction.
The financial giant responded to the pandemic by activating its Business Continuity Plans, coming up with various initiatives and innovative solutions to prevent business disruptions and ensure continuous flow of services amidst tight conditions. The Group also came up with various palliative measures to ease the difficulty encountered by obligors in identified vulnerable segments and contributes to and Partner with Government on initiatives aimed at alleviating suffering brought about by COVID 19 (health, financial and otherwise).
According to the bank: “The Group has identified vulnerable segments and is assessing the impact of Covid-19 on its earnings, liquidity, capital, employee, customers, service providers, regulators and other stakeholders at Normal and Downturn levels. The outcome of the evaluation which is ongoing, in terms of numbers, would be duly disclosed in the subsequent audited financial statements to be issued by the Group.’’
“Also, in response to COVID 19, International Accounting Standard Board, Financial Reporting Council of Nigeria (FRC), Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) have all issued pronouncements to guide Entities on disclosures and valuations of Financial Assets. In line with the directives, the Group has put in measures to meet the requirements specified by these bodies e.g. Central Bank of Nigeria that has requested Banks to provide quarterly impact assessment report while SEC requires Public Entities to submit their business continuity plan. FRC on its part issued a guidance note for external auditors on matters to consider during Covid-19 pandemic period which include the fact that management should assess an entity’s ability to continue as a going concern.”
“The Group will continue to closely monitor the status of the fight against the pandemic and its impact on the Groups’ business. However, based on current assessment, the Directors are confident that the Going Concern of the Group will not be threatened and would be able to continue to operate in Post COVID- 19.”