Business
GTB declares N8.83b interim dividend on first half results
Nigeria’s most capitalised bank, Guaranty Trust Bank (GTB) Plc, has announced that it will be paying N8.83 billion to shareholders as interim dividend after it posted 18 per cent growth in profit in the first half.
The board of directors of the bank said it has recommended payment of a dividend per share of 30 kobo to shareholders, 20 per cent increase on similar previous payout of 25 kobo in 2016.
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The highlights of the audited report and accounts of the bank for the six-month period ended June 30, 2017 showed that gross earnings grew by 2.0 per cent to N214.1billion from N209.9billion reported in the June 2016; driven primarily by growth in investment securities income as well as income from risk assets. Profit before tax stood at N101.1billion, representing a growth of 18 per cent over N85.69billion recorded in the corresponding period of June 2016. The bank’s loan book dipped by 6.0 per cent from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 while customer deposits decreased by 1.0 per cent to N1.966 trillion from N1.986 trillion in December 2016.
The bank closed the half year ended June 2017 with total assets and contingents of N3.75 trillion and shareholders’ funds of N538 billion. With these, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 38.8 per cent and 6.4 per cent respectively.
Managing Director, Guaranty Trust Bank (GTB) Plc, Mr. Segun Agbaje described the first half performance as a strong performance that reflects the strength of the bank’s businesses, the quality of its past decisions and the success of its efforts towards becoming a digital-first customer-centric bank that offers simple and easily accessible products and services.
According to him, in spite of the challenging environment of slow economic growth, the bank focused its resources on strengthening relationships with its customers, creating business platforms that seek to add value across all customer segments, whilst consolidating its leading position in all the economies in which it operates.
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