Shareholders laud GTB over sustained growth

•Approve dividend payouts

Shareholders of Guaranty Trust Bank Plc (GTB) Plc yesterday commended the board and management of the commercial bank for sustaining growth despite the challenges in the operating environment.

At the annual general meeting yesterday in Lagos, shareholders also unanimously approved the payment of a final dividend per share of N2.45 kobo, bringing the total dividend per share paid for the 2018 financial year to N2.75 Kobo.

Shareholders commended the performance of the bank in 2018, noting that it has also started on a good with the first quarter results in 2019.


A shareholders’ leader, Mr. Patrick Ajudua, commended the board and management of the bank for sustaining its profitability and ensuring good dividend payment to shareholders.

“We believe you have done well and believe that you will do better by next year,” Ajudua said.

He urged the bank to consider increasing its dividend payout in the next year citing the impressive growth in net earnings per share.

Another shareholder, Mr Tunji Bamidele, also commended the dividend policy of the bank and urged the board to consider upward review of dividend payout.

“I appreciate your earnings per share as well as your dividend policy of about 42 per cent compared to that of last year. I appeal to the board to move beyond this. Giving us 50 per cent will be efficient for we are the shareholders,” Bamidele said.

Managing Director, Guaranty Trust Bank (GTB) Plc, Mr. Segun Agbaje, assured that the bank would continue to work harder to deliver better returns to shareholders.

According to him, the board and management would continue to work hard to make sure the dividend payouts exceed expectations every year.

Chairman, Guaranty Trust Bank (GTB) Plc, Mrs Osaretin Demuren, said the performance of the bank across all financial metrics showed the improvement in the strategic positioning of the brand.


She noted that at the heart of the group’s strategy is a commitment to the shared future it intends to create for its customers, staff, shareholders and all the stakeholders across Africa.

She said the growths by the group’s subsidiaries showed that the bank is consolidating its leading position in Nigeria’s financial services sector, as well as making progress in growing its business across select, high growth African markets

“We believe that our commercial success depends on the prospects of Africa and we, in turn, play a significant role as a catalyst for her growth,” Demuren said.

She assured that the bank is on track towards executing its strategy, achieving its vision and fulfilling its purpose.

“Given the outlook if improving macroeconomic conditions, the bank remains resolute in taking advantage of these opportunities to growing earnings, improving profitability and delivering returns to its esteemed shareholders,” Demuren said.

Key extracts of the audited report and accounts of GTB for the year ended December 31, 2018 showed that gross earnings rose by 3.7 per cent to N434.7billion in 2018 as against N419.2 billion in 2017. Profit before tax stood at N215.6 billion in 2018 as against N197.7 billion recorded in 2017, representing an increase of 9.1 per cent.

Key extracts of the interim report and accounts for the first quarter ended March 31, 2019 also showed that GTB’s gross earnings inched up by 1.2 per cent to N110.33 billion in first quarter 2019 as against N108.97 billion in first quarter 2018. Profit before tax rose by 8.3 per cent from N52.62 billion to N56.98 billion. Profit after tax also rose from N44.67 billion to N49.30 billion. With these, earnings per share increased from N1.58 in first quarter 2018 to N1.74 in first quarter 2019