BUSI­NESS Share­hold­ers en­dorse GTB’s N1.70 kobo div­i­dend

Daily Trust - - BUSINESS / NEWS - From Kay­ode Ogun­wale, La­gos

Share­hold­ers of Guar­anty Trust Bank Plc yes­ter­day unan­i­mously ap­proved the com­pany’s fi­nal div­i­dend of N1.70 for ev­ery share of 50 kobo for the fi­nan­cial year ended De­cem­ber 31, 2013.

The Na­tional Co­or­di­na­tor, In­de­pen­dent Share­hold­ers As­so­ci­a­tion of Nigeria (ISAN), Sir Sunny Nwosu, who com­mended the bank for the div­i­dend pay­out, said the share­hold­ers were ap­pre­cia­tive of the ef­forts which the staff and man­age­ment put in place to drive the bank for in­creased re­turn on in­vest­ment.

In the same vein, Pres­i­dent of Share­hold­ers United Front, Mr. Gbenga Idowu, also ap­plauded the per­for­mance of the bank, adding that the cur­rent lead­er­ship has proven that is ca­pa­ble of driv­ing the bank to great heights.

Speak­ing at the bank’s 24th An­nual Gen­eral Meet­ing, the chair­man of the Bank, Mr. Eg­bert Imo­moh, told share­hold­ers that the bank was able to in­crease its African foot print and ex­pand into Kenya, Rwanda and Uganda via the pur­chase of a 70 per cent eq­uity stake in Fina Bank. He noted that this in­creased the num­ber of coun­tries where the bank has busi­ness op­er­a­tions to ten.

“The con­tri­bu­tions of our sub­sidiaries to the group’s bot­tom line re­mained strong dur­ing re­view pe­riod and has con­tin­ued to play an im­por­tant part in our quest to emerge as the fore­most and dom­i­nant bank in Africa in the medium term,” he said.

Imo­moh noted that the bank will con­tinue to fo­cus on im­prov­ing its cus­tomer ex­pe­ri­ences and seek in­no­va­tive ways of grow­ing its busi­ness.

“We are poised to take ad­van­tage of all the op­por­tu­ni­ties that would arise dur­ing the course of the year and are com­mit­ted to main­tain our po­si­tion as the bank of choice for dis­cern­ing cus­tomers in all economies we op­er­ate in,” he said.

A re­view of the re­sults shows a strong and con­sid­er­able per­for­mance across all fi­nan­cial in­dices and also af­firms the bank’s po­si­tion as one of the most prof­itable fi­nan­cial ser­vices provider in Nigeria.

In terms of value cre­ation, GTBank main­tained its top po­si­tion in the in­dus­try with pre-tax Re­turn of Eq­uity (ROE) of 34.9 per cent and pre-tax Re­turn on As­set (ROA) of 5.6 per cent.

A cur­sory look showed a 28.6 per cent growth in loan book from N783.91 bil­lion in 2012 to N1.01 tril­lion in 2013 while cus­tomer’s de­posits grew by 24.3 per cent from N1.15 tril­lion in 2012 to N1.43 tril­lion in 2013.

Con­se­quently, the group closed the 2013 fi­nan­cial year with a bal­ance sheet size in ex­cess of N2 tril­lion while share­hold­ers’ eq­uity in­creased by 17.9 per cent from N281.83 bil­lion in 2012 to N332.35 bil­lion in the pe­riod un­der re­view.

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