GTCO shareholders approve N8.03 dividend as profit tops N1trn

BY MICHEAL AJAYI

Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved a total dividend payout of N8.03 per share for the 2024 financial year, following the group’s record profit performance.

The resolution was passed at GTCO’s fourth annual general meeting, held virtually, where investors endorsed the final dividend of N7.03 per share in addition to an earlier interim dividend of N1.

Chairman of GTCO, Mr Hezekiah Sola Oyinlola, highlighted the group’s achievement as the first Nigerian bank to surpass N1 trillion in pre-tax profit, attributing the milestone to its operational discipline, innovation, and customer trust.

He said the group’s strategy, anchored on operational excellence, risk management, and technology-driven services, helped it navigate Nigeria’s challenging macroeconomic environment while reinforcing its leadership in the financial services sector.

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Group Chief Executive Officer, Mr Segun Agbaje, said GTCO delivered a historic profit before tax exceeding N1 trillion in 2024, underlining the strength of its core banking operations across Nigeria, West Africa, East Africa, and the United Kingdom.

He added that the group’s diversification into payments, asset management, and pension services continues to generate complementary revenue streams.

Agbaje noted that GTCO completed the first phase of its recapitalisation programme, raising N209.41 billion through a public offer that attracted broad participation and expanded its shareholder base from 332,000 to over 460,000. The second phase, scheduled for 2025, will target significant foreign institutional investors to strengthen the group’s global competitiveness.

Looking ahead, Agbaje said the group will deepen its digital capabilities, enhance customer experience, and explore partnerships to unlock new growth. He reiterated GTCO’s commitment to financial inclusion, sustainable value creation, and economic progress.

Shareholders applauded the board and management for the group’s resilience and performance despite economic headwinds. Chief Timothy Adesiyan and Mrs Bisi Bakare, who represented shareholder groups, praised the dividend payout and the company’s robust results.

For the year ended December 31, 2024, GTCO posted a gross earnings increase of 81.1 per cent, reaching N2.15 trillion from N1.19 trillion in 2023.

Oyinlola also announced a leadership transition as part of the group’s succession plan, naming Mr Suleiman Barau, a former Deputy Governor of the Central Bank of Nigeria and long-standing GTCO director, as the incoming Group Chairman, subject to regulatory approval.