The shareholders of GTBank Plc have approved the payment of N70.632 billion dividend declared by the Board of Directors of the financial institution for the financial year ended December 31, 2017.
Speaking to shareholders over the weekend in Lagos, the Chairman of the bank, Mrs. Osaretin Demuren, explained that given the gains recorded in 2017 and continuing improvements in key macro-economic indicators, it was widely expected that the monetary and fiscal authorities would consolidate on the 2017 gains in 2018.
“On our part, we are optimistic about the future and will continue to position ourselves to take advantage of the immense opportunities in the market in which we operate in order to grow our earnings, improve profitability and deliver returns to the shareholders,” she said.
The shareholders ratified the bank’s 2017 financial statement and also commended the management and board for the impressive results recorded during the year under review.
Reacting to the development, the Chairman of Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, commended the board for the impressive results and dividend declared in 2017.
“A review of the 2017 results shows positive performance across all financial indices, reaffirming the bank’s position as one of the most profitable and well managed financial institutions in Nigeria,” he said.
According to the bank’s financial statement, gross earnings for the year grew by 1.1 per cent to N419.2 billion from N414.6 billion reported in December 2016, driven primarily by growth in interest income as well as e-payment revenues. Profit before tax stood at N200.2 billion, representing a growth of 21.3 per cent over N165.1 billion recorded in the corresponding year ended December 2016.
The bank’s loan book dipped by 8.9 per cent from N1.59 trillion recorded as at December 2016 to N1.45 trillion in December 2017, while customer deposits increased by 3.8 per cent to N2.06 trillion from N1.99 trillion in December 2016.
The bank under the period recommended a dividend of N70.632 billion or N2.40 per share, bringing the total dividend paid for 2017 to N79.46 billion or N2.70 per share.
Furthermore, the Managing Director, GTBank, Mr. Segun Agbaje, said that year 2017 was a pivotal year for the bank in which it focused on three core objectives to deliver strong, high quality results to its shareholders; enhance its service experience across its digital channels and develop products and initiatives that enable the bank to provide customers with benefits beyond banking.
