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GTBank Shareholders Approve N2.45 Final Dividend per Share

Shareholders of Guaranty Trust Bank Plc (GTBank) have approved the payment of N2.45 final dividend per share for the year ended December 31, 2018.Speaking at  the 29th yearly general meeting of the company,  in Lagos, at the weekend, the shareholders commended the efforts of the bank’s board in delivering impressive financial result for the year ended 2018 and the first quarter ended March 31, 2019.

The Founder of Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, applauded  the management of the bank for sustaining profit and dividend payment despite harsh operating environment. Nwosu said that the bank had showed resilience with enhanced profit and sustainable dividend during the period under review, urging the management to consolidate on the performance and ensure enhanced dividend payouts in the current financial year.

Another shareholder, 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.According to him, the bank must liaise with its registrars and investor relation officer to bring down the figure to barest minimum.Awoh berated the regulators for shortchanging shareholders through levies and fines, noting that shareholders would resist such actions going forward.

The Chairman of GTBank, Mrs. Osaretin Demuren, said that the bank recorded significant success in the year despite the challenges in the operating environment and delivered a strong financial performance.She noted that the bank’s capital remains strong, with a total capital adequacy ratio of 23.4 per cent and the bank has proposed a final dividend of N2.45 per unit of ordinary share held by shareholders, in addition to an interim dividend of 30 kobo per unit of ordinary share, bringing total dividend for 2018 financial year to N2.75 per unit of ordinary share.

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Demuren noted that at the heart of the group’s strategy was a commitment to the shared future intended to create for its customers, staff, shareholders and all the stakeholders across Africa.Speaking on the subsidiaries’ growth, she pointed out that the bank was 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,” she said.

Looking forward, she believed the board was on track towards executing of its strategy, achieving its vision and fulfilling its purpose. According to her, given the outlook of improving macro-economic conditions, the bank remains resolute in taking advantage of these opportunities to growing earnings, improving profitability and delivering returns to its shareholders.

The Managing Director of the bank, Segun Agbaje, noted that the bank would focus more on strengthening customer relationships and driving its digital-first strategy paid off.He added that the bank successfully navigated the pressures of its challenging and radically changing business environment, recorded growth across key financial indices and reaffirmed its position as one of the best performing and well managed institutions in Africa.  Agbaje assured that the board would continue to work hard in growing and transforming the organisation to become a dominant player, while consistently delivering good returns to shareholders.

Source: Guardian

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