GTCO Shareholders Approve N8.03 Per Share Dividend Payout

Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved the payment of a total dividend of N8.03 per share for the financial year ended December 31, 2024.

This decision was taken at the company’s fourth annual general meeting, which was held virtually yesterday. The company had previously paid an interim dividend of N1 per share and would now make an additional N7.03 per share bringing the total dividend for the 2024 financial year to N8.03 per share.

Speaking to shareholders, the chairman of GTCO, Mr Hezekiah Oyinlola, emphasized the Group’s ability to remain agile and forward-thinking, which has allowed the company to achieve record-breaking performances.

Oyinlola stated that, “in 2024, we became the first Nigerian bank to surpass the N1 trillion profit mark, an achievement that underscores the resilience of our business model, the dedication of our people, and the trust our customers place in us.”

According to him, the company’s success in a changing macroeconomic landscape is built on three pillars: operational excellence, disciplined risk management, and a relentless focus on customer-centric innovation.

He noted that the banking business continues to demonstrate strong fundamentals, supported by a robust capital base and effective cost management.

“Our strategic diversification into payments, asset management, and pension fund administration has provided complementary revenue streams, reinforcing our leadership in the financial services sector,” he added.

Also speaking on the Group’s 2024 performance, the Group chief executive officer of GTCO, Mr. Segun Agbaje noted that, “in 2024, we reached a historic milestone, delivering over N1 trillion in profit before tax, becoming the first Nigerian financial institution to achieve this feat.”

He emphasized that its banking subsidiary, Guaranty Trust Bank remains central to its operations, driving growth in Nigeria, West Africa, East Africa, and the United Kingdom.

“In 2024, we navigated a rapidly evolving regulatory and macroeconomic environment with a focus on strengthening our financial position and delivering best-in-class banking services,” he explained.

Agbaje also noted that the Central Bank of Nigeria’s recapitalization policy presented an opportunity to reinforce market leadership, allowing the group to complete the first phase of its equity capital raising plan through a Public Offer.

Looking ahead, Agbaje stated, “our focus will be on deepening digitalization, enhancing customer experiences, and expanding our ecosystem of financial and non-financial solutions. We will continue to invest in cutting-edge technology, strengthening our cybersecurity framework, and building strategic partnerships that unlock new growth opportunities.”

Shareholders commended the board for the financial performance achieved during the reviewed period, despite the challenging operating environment.

Oyinlola also announced that as part of the company’s succession plan, Mr Suleiman Barau has been appointed as the new Group chairman, pending regulatory approval.