GTCO Declares N8.03 Dividend as Profit Surges Past N1 Trillion
Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved a total dividend of N8.03 per share for the 2024 financial year, reflecting their confidence in the bank’s robust performance. The decision was made during the company’s fourth annual general meeting (AGM), held virtually recently. This payout comprises an interim dividend of N1 per share, with an additional N7.03 per share approved to bring the total dividend for 2024 to N8.03.
In his address to shareholders, GTCO Chairman Mr. Hezekiah Sola Oyinlola highlighted the bank’s exceptional achievements in a challenging macroeconomic environment. “In 2024, we became the first Nigerian bank to surpass N1 trillion in profit, demonstrating the resilience of our business model, the dedication of our team, and the trust our customers place in us,” he said.
Oyinlola attributed the company’s success to three core pillars: operational excellence, disciplined risk management, and a customer-centric approach to innovation. He emphasized that the bank’s solid fundamentals, supported by a strong capital base and prudent cost control, continue to underpin its growth. Additionally, the bank’s strategic diversification into payments, asset management, and pension fund administration has strengthened its revenue streams and reinforced its leadership position in the financial sector.
Group CEO Mr. Segun Agbaje also celebrated the bank’s milestone achievement of generating over N1 trillion in profit before tax in 2024—the first time a Nigerian financial institution has reached this level. He reaffirmed the centrality of Guaranty Trust Bank to GTCO’s success, driving growth across Nigeria, West Africa, East Africa, and the UK.
Agbaje pointed out that despite navigating a complex regulatory and economic landscape, the bank remained focused on strengthening its financial position and delivering top-tier banking services. He noted that the Central Bank of Nigeria’s recapitalization policy provided an opportunity to reinforce market leadership, culminating in the successful completion of the first phase of its equity capital raise through a Public Offer, which attracted N209.41 billion from retail and institutional investors, expanding the shareholder base from 332,000 to over 460,000.
Looking ahead, Agbaje outlined plans to deepen digital transformation, improve customer experience, and broaden the ecosystem of financial and non-financial solutions. The bank intends to invest heavily in technology, cybersecurity, and strategic partnerships to unlock new growth opportunities. Most importantly, the bank remains committed to its purpose of driving economic progress, promoting financial inclusion, and creating sustainable stakeholder value.
Shareholders expressed their satisfaction with GTCO’s impressive performance amid a tough operating environment. Chief Timothy Adesiyan praised management for their achievements in 2024, including the dividend payout. Mrs. Bisi Bakara of the Pragmatic Shareholders Association of Nigeria also commended the board, management, and staff for their resilience and stellar results, endorsing the proposed N7.03 final dividend, bringing the total payout to N8.03 per share.
For the year ending December 31, 2024, GTCO reported an 81.1% increase in gross earnings to N2.15 trillion, up from N1.19 trillion in 2023.
Additionally, Oyinlola announced the appointment of Mr. Suleiman Barau as the new Group Chairman, pending regulatory approval. Barau, a former Deputy Governor of the Central Bank of Nigeria and a longstanding director of GTCO is recognized for his extensive experience and strategic insight. Oyinlola expressed confidence that under Barau’s leadership, GTCO will continue to thrive, innovate, and deliver value to all stakeholders.