GTCO shareholders back N8.03 dividend following landmark N1trn profit
Onome Amuge
L – R: Catherine Echeozo, non-executive director; Segun Agbaje, group CEO; Hezekiah Oyinlola, chairman; Erhi Obebeduo, general counsel/company secretary and Adebanji Adeniyi, executive director all of Guaranty Trust Bank (GTCO) Plc during the company’s Annual General Meeting held recently in Lagos.
Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved a total dividend payout of N8.03 per share for the financial year ending December 31, 2024, rewarding investors as the financial services group became the first Nigerian bank to surpass the N1 trillion profit mark.
The decision was made at the company’s fourth annual general meeting (AGM), conducted virtually.
The approved dividend comprises a previously distributed interim dividend of N1 per share and a newly sanctioned final dividend of N7.03 per share, bringing the total distribution for the 2024 financial year to N8.03 per share.
Addressing the shareholders, Hezekiah Sola Oyinlola, the GTCO chairman, emphasised the group’s agility and forward-thinking approach as key drivers behind its record-breaking achievements.
“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,” Oyinlola stated.
According to the chairman, GTCO’s success in navigating a dynamic macroeconomic landscape is underpinned by three core pillars: operational excellence, a disciplined approach to risk management, and an unwavering focus on customer-centric innovation. He noted the continued strong fundamentals of the group’s banking operations, supported by a robust capital base and effective cost management strategies.
“Our strategic diversification into payments, asset management, and pension fund administration has provided complementary revenue streams, reinforcing our leadership in the financial services sector,” Oyinlola added.
Also commenting on GTCO’s exceptional performance in 2024, Segun Agbaje, the group chief executive officer, highlighted the landmark profitability achieved. “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,” Agbaje noted.
He further emphasised the central role of its banking subsidiary, Guaranty Trust Bank, in driving the group’s growth across its key operational regions, including 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,” Agbaje explained.
The group CEO also addressed the implications of the Central Bank of Nigeria’s recent recapitalisation policy, viewing it as an opportunity for GTCO to further solidify its market leadership. He confirmed that the group has successfully completed the initial phase of its equity capital raising plan through a Public Offer, positioning it strongly to meet the new regulatory requirements and capitalise on future growth opportunities within the Nigerian financial services sector.