The Shareholders of the Guarantee Trust Bank (GTB) have commended the board and management for the immediate payment of N45.62 billion as dividend.
The payment which was approved by shareholders at the bank’s 23rd annual general meeting translates into a dividend of N1.30 per 50 kobo share held and brings total shareholder receipts for the year to N1.55 per share, when added to the interim dividend payout of N0.25 per share which the bank made last year.
Michael Cole, one of the shareholders said “we thank you for given us both interim and final dividend of 155 kobo. We will continue to ask for more. We know you are going to give us more with bonus”.
The shareholders applauded the strong corporate governance of the bank and expressed optimism over the ability of the management team to position GT Bank as the ‘preferred bank’ within the country and continue to generate positive returns for shareholders in the future.
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Key highlights of the AGM which took place in Lagos were the announcement of the retirement of the incumbent chairman of the bank, Oluwole Oduyemi in compliance with the bank’s code of corporate governance which stipulates a retirement age of 70 years for none-executive directors of the bank and the presentation of Egbert Imomoh as the new chairman of the bank.
The Group’s financials for the 2012 financial year show gross earnings of N221.9 billion and a profit before tax of N103 billion, the highest in the industry.
Furthermore, the bank’s total assets and contingents increased by six percent to N2.26 trillion in December 31, 2012 from N2.14 trillion the previous year and it closed the year with an On-balance sheet of N1.73 trillion. Profit after tax for the period under review was N87.3 billion compared to N51.7 billion, representing a 69 percent improvement.
Speaking at the AGM, Segun Agbaje, managing director of the bank said; “we have declared the best results in the industry in the last few years and provided shareholders the best return on equity for any financial institution in Africa.
