Guaranty Trust Holding Company Approves N82.4 Billion Dividend Payout for 2022

Guaranty Trust Holding Company Plc has received approval from its shareholders for the audited financial statement of the bank for the year ended December 31, 2022.

The approval was granted during the institution’s second annual general meeting held on Thursday, May 11, 2023.

Shareholders have given their consent to the management’s decision to distribute a final dividend of N82.407 billion based on the company’s profit after tax for the reviewed period.

To accomplish this, the bank will pay N2.80k per 50 kobo ordinary share, resulting in a total dividend of N3.10 for the year and N91.2 billion in total payment for the year.

The dividend payment is subject to appropriate withholding tax deductions and will be exclusively disbursed to shareholders listed on the company’s register of members as of the close of business on May 1, 2023.

In its 2022 financial year, Guaranty Trust Holdings Company (GTCO) reported a profit before tax of N214.2 billion, indicating a 3.3% decrease from the N221.5 billion recorded in the previous year, ending in December 2021.

Despite the challenges faced, the group’s balance sheet has remained robust, with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively. The Capital Adequacy Ratio (CAR) has also remained strong, closing at 24.1%.

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.

“As we look across our burgeoning GTCO universe, we take pride in the concrete outcomes of our diligent efforts and unyielding dedication towards expanding our influence and strengthening our position as a leading provider of financial services in Africa.