'GTB not looking to refinance Eurobond due 2018'

Nigeria's Guaranty Trust Bank (GTB) is not looking to refinance its Eurobond due next year because it does not see opportunities to grow its dollar loan book, its chief executive said on Wednesday.

Segun Agbaje said the bank expected naira loans to grow 10 percent this year, down from 15.8 percent last year, largely due to a currency devaluation.

He said the bank expected a 168 billion naira ($550 million) pretax profit for 2017, up from 165 billion the year before.

Exposure to Etisalat Loan
Meanwhile, Guaranty Trust Bank is exposed to Etisalat Nigeria to the tune of 42 billion naira ($138 million) via a secured loan, and will go through a restructuring of the debt, the bank's chief executive said.

Last week, a banking source told Reuters the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment on a $1.2 billion loan in February.

Etisalat was not immediately available to comment.

myfinancialintelligence.com