GTBank gets shareholders approval to pay dividend

Shareholders of Guaranty Trust Bank plc at its twenty-sixth annual general meeting (AGM) held Tuesday in Lagos gave their approval for dividend payment of N1.52kobo per every 50kobo ordinary share to shareholders whose names appear in the register of members at the close of business on Thursday, March 24, 2016. This brings the total dividend paid by GTBank for the 2015 financial year to N1.77kobo (inclusive of the 25kobo interim dividend paid at half year 2015).

Shareholders who have completed the e-dividend mandate forms will receive a direct credit of the dividend into their bank accounts same day, while dividend warrants for shareholders who have not completed the e-dividend mandate form shall be posted on same day. Note however that holders of the company’s Global Depository Receipts (GDRs) listed on the London Stock Exchange will receive their dividend payments seven business days after the local payment date.

At the annual general meeting, shareholders received GTBank’s audited financial statements for the year ended December 31, 2015, and the reports of the directors, auditors and audit committee thereon.

A review of the 2015 results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. The Group delivered an impressive Profit Before Tax of N120.7billion, an increase of N4.3billion or 3.7% over the N116.4billion reported in December 2014 and Gross Earnings of N301.9billion an increase of 8.4% from the N278.5billion recorded in the same period of 2014. In terms of value creation for its shareholders, the Bank recorded pre-tax ROAE of 31.0% and ROAA of 5.0% respectively.

The Bank’s balance sheet remained strong with 7.2% growth in Total Assets, from N2.36trillion in 2014 to N2.52trillion in the year under review. Loans to customers grew by 7.5% to close at N1.37trillion from N1.28trillion in 2014. “While it remains unclear as to what 2016 financial year will bring in terms of new regulations, we look ahead with greater optimism knowing that we finished 2015 stronger and better equipped to serve our customers and clients,” Osaretin Demuren, chairman, Guaranty Trust Bank plc told shareholders at the meeting.

She said among others that GTBank continued the drive for financial inclusion with the introduction of 737 banking; “a platform that allows our customers perform banking functions such as funds transfer, BVN linking, airtime recharge, secure pin generation, account opening, bills payment using their mobile phones.”

Segun Agbaje, managing director/CEO, Guaranty Trust Bank plc said, “Africa remains integral to us. Our ultimate objective is to create long-term franchise value and deliver sustainable returns to our shareholders.

We pursue this objective through a consistent strategy to remain a leading player in the financial services sector in Nigeria, whilst expanding our franchise in select, high growth Africa markets, where we believe we have a competitive advantage.”

“Given the resilience of our earnings, the strength of our franchise and the efficacy of our growth strategies, we are optimistic that 2016 will be an even better year for us and all our stakeholders”, Agbaje said.