GTBank shareholders approve N80.935bn dividend

Shareholders of the Guaranty Trust Bank Plc (GTBank) have approved total dividend payout of N2.75 kobo for the financial year ended December 31, 2018.

The amount translated into N80.935 billion against N2.70 kobo amounting to N79.464 billion paid in the corresponding period of 2017.

The board paid interim dividend of N0.30 kobo and proposed final dividend of N2.45 kobo bringing the total for the 2018 financial year to N2.75 kobo.

Shareholders who spoke at the meeting frowned over the Central Bank of Nigeria zero interest charges on the banks deposit, stressing that the payment of interest in the bank’s deposit would increase investors return at the end of financial year.

The National Cordinator Independent Shareholders Association of Nigeria (ISAN), Sir Sony Nwosu who spoke at the meeting commended the board for sustaining the bank’s dividend policy and maintaining  growth profile.

He expressed the need for shareholders to work clsely as one body to be able to fight against the charges imposed on the banks by regulator and Assets Management Corporation of Nigeria (AMCON).

He however said investors do have problem with the regulatory policies and not the governor of Central Bank of Nigeria.

Speaking further he said, shareholders must rise as a group to fight for their right, fight against some of the decision and taxes imposed on banks to ensure sustained profit growth and returned on investment.

Nwosu who commended the board and management for the performance of the bank in the first quarter of 2019 expressed optimism that the second quarter unaudited  financial  result would be much better.

Addressing shareholders, managing Director/chief executive officer of the bank, Segun Agbaja assured investors that the management would always adopt strategies would enable the bank  profitabilities.

He said the management would continue to ensure that all the unclaimed dividend gets to the real owners.

He said in 2018 the bank focused  on stsying nimble, streghtening customers relationship and driving its digital first strategy paid off.

He said the bank successfully nevigated the pressures of its challenging and radically changing business,cenvironment, recorded growth across key financial indices.

Reviewing the bank’s result, he said 2018 financial year shows positive performance across all financial metrics and improved strategic positioning of the brand.

According to him, gross earnings for the year grew by 3.7 per cent to N434.7 billion from N419.2 billion reported the previous year. Profit before tax stood at N215.6 billion, representing a growth of 9.1 per cent from N197.7 billion recorded in the corresponding period. The bank’s customer  deposits increased by 10.3 per cent to N2.274 trillion from N2.062 trillion in December 2017 while loan book dipped by 12.9 per cent from N1.449 trillion recorded in 2017 to N1.262 trillion within the period under review.”

He said the bank closed the 2018 financial year with total assets of N3.287 trillion and shareholders funds of N575.6 billion. In terms of assets quality he said NPL ratio and cost of risk improved to 7.3 per cent and 0.3 per cent in December 31, 2018.

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