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GTB shareholders approve N50bn dividend

By on April 16, 2014

Shareholders of Guaranty Trust Bank Plc have approved a total dividend payout of N50.033bn or N1.70 per share for the 2013 financial year.

The shareholders gave the approval in Lagos on Monday at the bank’s Annual General Meeting.

The GTB’s board of directors had recommended the dividend payment following the release of the bank’s result for the year ended December 31, 2013 which showed that it made a profit after tax of N90bn in the period.

During the period, the directors paid an interim dividend of 25 kobo per ordinary share of 50 kobo each for the six months ended June 2013.

The directors then recommended a final dividend of N1.45 per ordinary share of 50 kobo, bringing the total for the financial year to N1.70 per share.

Besides approving the dividend, the shareholders also elected Mrs. Osaretin Demure as a non-executive director of the bank.

The Chairman, GTB, Mr. Egbert Imomoh, told the shareholders that achievements of the bank in the course of the year under review were as a result of their continued support and the commitment of all employees.

Highlights of the bank’s achievements in the period, according to him, include the successful issuance of five-year $400m Eurobond at a yield of 6.125 per cent and 469 basis points spread over United States Treasuries.

“The success of this issue has further enhanced our expansion into other economies and favourably positioned us to take advantage of large ticket financing opportunities,” Imomoh said.

He said the bank pioneered ‘social banking’ “a unique offering that allows people to open accounts and perform basic transactions like money transfers” on Facebook, while it also inaugurated GTMobile, an application that allowed customers to bank at their convenience.

This year, he promised the bank would continue to improve on its customer experiences and seek innovative ways of growing.

“We are poised to take advantage of all opportunities that will 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.

The Managing Director, GTB, Mr. Segun Agbaje, added that in 2013, the bank, among other things, extended its operations into East Africa with the acquisition of 70 per cent controlling equity in stake in FINA Bank.

He said, “The rebounding of FINA franchise brings the number of countries outside Nigeria wherein we have business foothold to nine.”

Like Imomoh,  he promised that the bank would continue to show its shareholders that it cares about them, by   undertaking new social responsibility initiatives and conducting its business “in adherence to the values we are known for; professionalism, integrity, excellent service, empathy and innovation.”

Before approving the dividend payment, the shareholders, who spoke at the event, commended the bank for how it conducted its business in the review period. Particularly, they commended it for paying a high dividend despite operating in a tough environment and for not violating any regulatory guideline and, consequently, paying fines.

Some of them, however, called on the bank to open more branches as there were several places where people had problems accessing the bank. They added that such a move would help to solve the problem of crowded banking halls.

 

 

[Punch]