GTCO Shareholders Approve N8.03 Dividend for 2024

Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved a total dividend payout of N8.03 per share for the financial year ending December 31, 2024.

The approval came during the company’s fourth annual general meeting, held virtually. GTCO had earlier paid an interim dividend of N1 per share and will now distribute an additional N7.03 per share, bringing the total for 2024 to N8.03.

Addressing shareholders, GTCO Chairman, Hezekiah Sola Oyinlola, highlighted the group’s agility and strategic foresight, which enabled it to achieve record-breaking performance during a challenging year.

“In 2024, we became the first Nigerian bank to surpass the N1 trillion profit mark, a milestone that reflects the strength of our business model, the dedication of our team, and the loyalty of our customers,” Oyinlola said.

He credited the group’s success to three key pillars: operational excellence, disciplined risk management, and a focus on customer-driven innovation. He also noted the continued strength of the banking business, supported by a solid capital base and effective cost control measures.

Oyinlola further emphasized that GTCO’s diversification into payments, asset management, and pension fund administration had created complementary revenue streams, enhancing its leadership in the financial services industry.

Group Chief Executive Officer, Segun Agbaje, also commented on the 2024 performance, celebrating the achievement of over N1 trillion in profit before tax, a first for any Nigerian financial institution.

Agbaje stated that the company successfully navigated a volatile regulatory and economic environment by strengthening its financial position and maintaining a focus on delivering best-in-class banking services.

He added that the Central Bank of Nigeria’s recapitalization drive presented an opportunity for GTCO to reinforce its market leadership. As part of this effort, the group completed the first phase of its equity capital raise through a public offer.

The offer attracted strong interest from domestic retail and institutional investors, raising N209.41 billion and growing the company’s shareholder base from 332,000 to over 460,000.

Building on this momentum, Agbaje revealed that GTCO is set to launch the second phase of its capital-raising plan in 2025, aimed at attracting substantial foreign institutional investment and strengthening its position as a globally competitive financial services brand.