GTBank shareholders approve N45bn dividend payment

Shareholders of Guaranty Trust Bank Plc yesterday approved payment of N44.735 billion final dividend declared by the board of directors of the bank.
The shareholders at the 26 annual general meeting of the bank unanimously support payment of N1.52 kobo per every 50 kobo ordinary share to them in spite of economic challenges of 2015.
Speaking at the meeting, a shareholders leader, Mr. Boniface Okezie applauded the bank performance for the year ended 31 December, 2015, noting that while other companies are struggling,  the bank declared a good result and it is paying better dividend.”
He urged the board of directors of the bank to work hard in order to achieve better results for the current year.
Another shareholder of the bank at the meeting, Mr. Timothy Awopeju said the bank result was one of the best in the industry, also urged the management to perform better in the coming years.
In spite of the Treasury Single Account (TSA) by the federal government, the bank customer deposits remained stable with a marginal year on year decline of 0.49 per cent from N1.62 trillion in 2014 to N1.61 trillion in 2015 even as the bank maintained positive as the most efficient bank in Nigeria by recording a cost to ratio of 44.4 per cent in 2015.
Speaking at the meeting, Chairman of the bank, Mrs. Osaretin Demure said the outlook for 2016 may seem tough given the current economic clime and security challenges.
Its profit before tax stood at N120.695 billion during the review period of 2015 from N116.386 billion of 2014, represented N4.309 billion or 3.70 per cent increase.
Also its profit after tax rose by N5.003 billion translated to 5.30 per cent from N94.434 billion to N99.437 billion in 2015.