GTB declares N66m profit, 85k dividend

[Punch]

Guaranty Trust Bank Plc on Thursday declared 85k per share dividend as its profit hits N65.6 million in the financial year ended December 31, 2011.

The chairman of the bank, Mr. Oluwole Oduyemi, announced this at its 22nd Annual General Meeting in Lagos.

Reviewing the bank's financial performance for the year, he said that the bank recorded a cost to income ratio of 50.8 per cent while its return on equity for the period was 23.4 per cent, the News Agency of Nigeria reports.

The bank also recorded non performance loans, which constituted only 3.7 per cent of its total loan stock.

According to Oluwole, the gross earnings for the year grew by 22.7 per cent from the N153.9 billion reported in 2010 to N188.8 billion.

The bank posted a profit before tax of N65.6 billion, 35.4 per cent higher than the N48.5 billion reported for the previous year.

Total assets and contingents rose by 35.6 per cent from N1.6 trillion to N2.1 trillion, while the shareholders' fund grew from N210.8 billion in 2011 to N238.8 billion.

The National Coordinator of the Independent Shareholders Association of Nigeria,  Mr. Sunny Nwosu, commended the bank for the dividend.

He said that it was a commendable move, "especially now that many companies find it difficult to pay dividends to shareholders."

Also speaking, the President of the Nigerian Shareholders Solidarity Association, Mr. Timothy Adesiyan, said the shareholders appreciated the efforts of the bank on the 85k dividend.

He expressed hope that at the end of current financial year; shareholders would receive higher returns as well as bonus issues.

The chairman of Ibadan zone, NSSA, Mr. Sola Abodunrin, said  the bank's consistent payment of dividend was really remarkable.

He urged the bank to work harder in 2012 financial year.

In his remarks, the Managing Director of the Bank, Mr. Olusegun Agbaje, attributed the impressive performance to the dedication of the staff and the support of the customers.

He added that the determination and passion of the bank's management and the shareholders also contributed to the bank performances.

He said that the bank had disposed all its subsidiaries, except one, in compliance with the Central Bank of Nigeria (CBN)'s directive.

According to him, the only subsidiary remaining, GTHoldings, will be sold before the end of the year.

"The bank will continue to deliver and pay good dividends to shareholders," he said.

Agbaje assured that the bank would work harder to improve on the dividends payout.



The Punch