Shareholders of Guaranty Trust Holding Company (GTCO) Plc are smiling to the bank with a fat dividend for their investments in the financial institution. This is following their approval of a total dividend payment of N8.03 per share for the financial year ending 31 December 2024, TheMediaGood Newspaper can report.
The decision was reached during the company’s fourth annual general meeting, conducted virtually on Thursday.
GTCO had earlier paid an interim dividend of N1 per share and will now add a final dividend of N7.03, resulting in a total payout of N8.03 per share for the year.
Addressing shareholders, the chairman of GTCO, Mr Hezekiah Sola Oyinlola, praised the group’s adaptability and performance.“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,” he said.
Mr Oyinlola attributed the company’s achievements to three pillars: operational excellence, disciplined risk management, and a focus on customer-centric innovation. He added that GTCO’s banking business remained strong, 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 stated.
Also commenting on the group’s performance, Group Chief Executive Officer, Mr Segun Agbaje, highlighted the historic nature of GTCO’s earnings.“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 said.Mr Agbaje emphasized that the banking subsidiary, Guaranty Trust Bank, remained central to operations, spurring growth across 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.
He also pointed to the Central Bank of Nigeria’s recapitalisation policy as an opportunity for market leadership, noting that GTCO had completed the first phase of its equity capital raising plan through a public offer.“This Public Offer attracted strong participation from both domestic retail and institutional investors, raising N209.41 billion and expanding our shareholder base from 332,000 to over 460,000,” Mr Agbaje said.
“With this momentum, we are prepared to launch the second phase of our capital raising plan in 2025, targeting significant foreign institutional investments to further solidify our reputation as a globally recognised and competitive financial services brand,” he added.Looking ahead, Mr Agbaje said the company would deepen its digitalisation efforts, enhance customer experiences, and expand its ecosystem of financial and non-financial solutions.“
Our focus will be on deepening digitalisation, 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. Most importantly, we will remain true to our purpose: driving economic progress, fostering financial inclusion, and creating sustainable value for all stakeholders,” he stated.
Shareholders at the AGM commended the board and management for delivering strong results despite economic headwinds.Chief Timothy Adesiyan, speaking on behalf of shareholders, praised the management for the impressive financial performance in 2024 and the declared dividend.
Mrs Bisi Bakara, National Coordinator of the Pragmatic Shareholders Association of Nigeria, also lauded the group’s board, management, and staff for their efforts, stating her approval of the proposed final dividend of N7.03 per share, making the total dividend N8.03.GTCO reported an 81.1% rise in gross earnings for the 2024 financial year, reaching N2.15 trillion compared to N1.19 trillion in 2023.Concluding the meeting, Mr Oyinlola announced that as part of the company’s succession plan, Mr Suleiman Barau has been appointed as the new Group Chairman, pending regulatory approval.
Describing Mr Barau’s credentials, Mr Oyinlola said: “He is a former Deputy Governor of the Central Bank of Nigeria, with a proven track record of leadership and strategic insight. He has been a pioneering director of GTCO since its restructuring. I am confident that under his guidance, GTCO will continue to thrive, innovate, and deliver superior value to all its customers and stakeholders.”