Foremost Nigerian financial institution, Guaranty Trust Bank plc has demonstrated the immense value it places on its shareholders by declaring a total dividend payment for the financial year of N45.62 billion. The outstanding profit figure of the Bank at N103bn at the end of December, 2012 is a reflection of the huge patronage of its customers based on exceptional service offerings.
The payment which was approved by shareholders at the Bank’s 23rd Annual General Meeting (AGM) translates into a dividend of N1.30 per 50 kobo share held and brings total shareholder receipts for the year to N1.55 per share, when added to the interim dividend payout of N0.25 per share the Bank made last year.
Key highlights of the AGM which took place in Lagos on Thursday, April 25, 2013 were the announcement of the retirement of the incumbent Chairman of the Bank, Mr. Oluwole Oduyemi in compliance with the Bank’s code of corporate governance which stipulates a retirement age of 70 years for Non-Executive Directors of the Bank and the presentation of Mr. Egbert Imomoh as the new Chairman of the Bank.
The shareholders applauded the strong corporate governance of the Bank and expressed optimism over the ability of the management team to position GTBank as the ‘preferred bank’ within the country and continue to generate positive returns for shareholders in the future.
The Group’s financials for the 2012 financial year show Gross Earnings of N221.9 billion and a Profit before Tax of N103 billion, the highest in the industry. In addition, the Bank’s Total Assets and Contingents increased by 6% to N2.26 trillion (2011: N2.14 trillion), and it closed the year with an On-Balance Sheet size of N1.73 trillion. Profit after Tax for the period was N87.3 billion (2011: N51.7 billion) representing a 69% improvement.
Addressing reporters after the meeting, Mr. Segun Agbaje, Managing Director of Guaranty Trust Bank plc said “we have declared the best results in the industry in the last few years and provided shareholders the best return on equity for any financial institution in Africa”. We intend to continuously reward our shareholders for the confidence they have in us and remain committed to teamwork, integrity and customer satisfaction as a bank.”
He further stated that the Bank intends to consolidate its position in 2013 by pioneering service innovations, developing alternate banking channels, promoting excellence and creating role models for society.