GTCO Shareholders Approve N8.03 Dividend Payout, Announces New Chairman
- GTCO shareholders have approved a total dividend payout of N8.03 per share following a strong financial performance in the 2024 fiscal year
- The company recorded an impressive performance in 2024, closing the year with a historic profit
- Hezekiah Sola Oyinlola, GTCO’s outgoing Group Chairman, shared the info in the company's recent annual general meeting
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
Guaranty Trust Holding Company (GTCO) Plc, the parent company of GTbank, has announced that Shareholders have approved a total dividend payout of N8.03 per share for the financial year ended December 31, 2024.
The financial company achieved a record-breaking performance in 2024 that saw it become the first Nigerian bank to surpass N1 trillion in profit before tax.
Source: Getty Images
The approval was given at the group’s fourth Annual General Meeting (AGM), held virtually on Thursday, April 24.
GTCO dividend payments
The company had earlier paid an interim dividend of N1.00 per share, with shareholders now set to receive a final dividend of N7.03 per share, bringing the total dividend to N8.03 for the year.
In his address at the AGM, Hezekiah Sola Oyinlola, GTCO’s outgoing Group Chairman, hailed the company’s resilience and innovation in the face of economic headwinds, The Nation reported.
He said:
“In 2024, we became the first Nigerian bank to surpass the N1 trillion profit mark, an achievement that underscores the resilience of our business model, the dedication of our people, and the trust our customers place in us."
Oyinlola credited GTCO’s performance to its operational excellence, disciplined risk management, and customer-centric innovation.
He noted the group’s strategic diversification into payments, asset management, and pension fund administration had also enhanced revenue generation.
Segun Agbaje, Group Chief Executive Officer of GTCO, described 2024 as a “historic milestone year,” citing the N1 trillion pre-tax profit and strong growth across its Nigerian and international banking subsidiaries.
Agbaje said the group navigated a volatile regulatory and macroeconomic landscape while strengthening its financial footing and service delivery, BusinessDay reports.
Source: Facebook
GTCO gets new chairman
At the AGM, GTCO also announced the appointment of Suleiman Barau as its new Group Chairman, subject to regulatory approval.
Barau, a former Deputy Governor of the Central Bank of Nigeria, has extensive experience in the financial sector.
Having been a pioneering director of GTCO since its restructuring, his leadership is expected to guide the company through its next phase of growth and innovation.
The company’s current chairman, Hezekiah Oyinlola, expressed confidence in Barau’s ability to lead the company to new heights, citing his strategic insight and proven leadership track record.
GTbank among banks with highest earnings from fees, commissions
Ealier, Legit.ng reported that nine Nigerian banks earned about N2.59 trillion in fees and commission revenue in 2024.
Fees and commission income are revenue earned from various fees and commissions charged for services to customers.
They include charges for account maintenance, transaction fees, and fees regarding credit card purchases, digital banking, and other financial services.
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Source: Legit.ng
