Home Business & Economy GTB shareholders approve N2.75 total dividend payment for 2018

GTB shareholders approve N2.75 total dividend payment for 2018

GTB shareholders approve N2.75 total dividend payment for 2018


Shareholders of Guaranty Trust Bank (GTB) Plc have endorsed the payment of a total dividend of N2.75 per share for the financial year ended December 31, 2018.

The shareholders gave the approval in Lagos at the bank’s 29th Annual General Meeting (AGM).

Meanwhile, the board of the bank had proposed a final dividend of N2.45 per unit of ordinary share held by shareholders in addition to 30 kobo interim dividend paid in June 2018.

Speaking at the meeting, Mr. Sunny Nwosu, Emeritus, Independent Shareholders Association of Nigeria (ISAN) lauded the bank’s board and management for sustaining profit and dividend payment in spite of challenging economy.

Stating that  the bank had shown resilience with enhanced profit and sustainable dividend during the period under review, Nwosu, however, urged the bank to sustain the trend and ensure enhanced dividend payouts in the years ahead.

Another shareholder, Mr. Nona Awoh, urged the bank to map out strategies aimed at reducing its unclaimed dividend figure which stood at N18.23 billion during the period under review.

Financial inclusion, savings promos yield 15 million new accounts for banks, the amount of which Awoh said was huge as far as retail Nigerian shareholders were concerned.

According to him, the bank must liaise with its registrars and Investors Relations Officer to bring down the figure.

Awoh said  regulators should stop shortchanging shareholders through levies and fines, noting that shareholders would resist such acts going forward.

Managing Director of the bank, Mr. Segun Agbaje, said the bank would continue to offer shareholders impressive dividend but would not declare bonus to avoid over bloating of its shares, adding that the bank would continue to invest in empowering small businesses and promoting enterprise.

According to him, the bank will continue to support its communities, large and small by creatively expanding certain flagship Corporate Responsibility programmes such as the GTB Food and Drink Fair and GTB Fashion Weekend.

Chairman of the bank, Mrs. Osaretin Demuren, noted that the financial institution would continue to pay critical attention to the development of its staff by providing them with professional training and connecting them with extensive learning opportunities.

Demuren said that GTB would remain resolute in taking advantage of opportunities inherent in the industry to grow earnings, improve profitability and deliver returns to its esteemed shareholders. Journalists gathered that the bank posted a profit before tax of N215.6 billion as against N197.7 billion recorded in the corresponding period of 2017, representing an increase of 9.1 per cent. Gross earnings for the period under review grew by 3.7 per cent to ₦434.7 billion from ₦419.2 billion reported increase in 2017.

The bank’s deposits increased by 10.3 per cent to ₦2.27 trillion from  ₦2.06 trillion in the comparative period of 2017.

Also, loan book dipped by 12.9 per cent from ₦1.45 trillion recorded as at December 2017 to ₦1.26 trillion in December 2018.

The result showed that the bank closed the 2018 financial year with total assets of ₦3.29 trillion and shareholders’ funds of ₦575.6 billion.

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