GTCO shareholders endorse N91bn dividend payout for 2022

Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022.

This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually.

The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit of ordinary share.

Speaking on behalf of shareholders, the immediate past President of Nigeria Shareholders Solidarity Association, Chief Timothy Adesiyan commended the management of GTCO for the impressive 2022 financial performance achieved and the consistent dividend policy of the Group.

Speaking to shareholders, the Chairman of GTCO, Mr Hezekiah Oyinlola said “as I reflect on 2022, I recall the challenges we faced at every turn and the prospects that became significant milestones in our journey towards creating a robust yet agile institution.

He said “The highlight for me is that these newly created businesses - in payments, fund managers, and pensions ran successfully and were profit before tax positive by the end of the year.”

On outlook, Oyinlola stated that, “the momentum we have built-up in recent years means that we are now in a position to leverage every opportunity to grow and sustain our superior financial performance.”

The Group Chief Executive Officer, GTCO, Mr Segun Agbaje, said in spite of the varying challenges and headwinds that weighed on growth in 2022, the Group delivered a decent performance posting a pre-tax profit of N214.2 billion representing a dip of 3.0 per cent from N221.5 billion posted in full year, 2022.

PBT contribution from West Africa decreased from 21.0 per cent in December 2021 to 12.3 per cent in December 2022 due to the significant impairment sum of N35.6 billion recognised on the Ghanaian sovereign securities.