GTCO shareholders endorse N91.24bn payout for 2022

The Shareholders of Guaranty Trust Holding Company (GTCO) Plc have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year which ended on December 31, 2022.

The shareholders made the endorsement at the company’s second annual general meeting held virtually on Thursday, May 11.

The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit of ordinary share.

Speaking on behalf of shareholders, the immediate past President of Nigeria Shareholders Solidarity Association, Timothy Adesiyan, commended the GTCO management for the impressive 2022 financial performance acheived and the consistent dividend policy of the Group.

He also noted the the Group has contributed to the growth of the economy in its lending to Agriculture, SMEs, Real Sector, among others, saying this was seen in the award obtained by the Group in 2023.

Speaking to shareholders, the GTCO Chairman, 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.

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“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.

“In 2022, our ambition was crystal clear, and we set out to achieve it with unwavering focus. We completed the setup of our holding company and acquired full ownership of Investment One Pension Managers and Investment One Fund Managers, now named Guaranty Trust Pension Managers and Guaranty Trust Fund Managers, respectively.

“Our payment subsidiary, HabariPay Limited, also launched in 2022 and almost immediately introduced its flagship product Squad to the market with outstanding reviews.

“The highlight for me is that these newly created businesses – in payments, fund managers, and pensions ran successfully and were profit before tax positive by the end of the year.”

On his part, the Group Chief Executive Officer, GTCO, Segun Agbaje, said in spite of the varying challenges and headwinds that weighed on growth in 2022, the Group delivered a decent performance posting a pre-tax profit of N214.2 billion, representing a dip of 3.0 per cent from N221.5 billion posted in 2022.

According to him, PBT contribution from West Africa decreased from 21.0 per cent in December  2021 to 12.3 per cent in December 2022 due to the significant impairment sum of N35.6 billion recognised on the Ghanaian sovereign securities.

He also noted that during the same period, the size of the Nigerian Banking Subsidiary increased to 84.3 per cent from 79.5 per cent, while East Africa’s contribution to the Group grew marginally to 3.4 per cent from 3.0 per cent.

Agbaje added: “The Group also benefited from a 0.9 per cent contribution from the Non-Banking Subsidiaries which compensated for the negative 0.8 per cent contribution from the United Kingdom in FY-2022.

“Gross earnings increased by 20.4 per cent to N539.2 billion in full year, 2022 from N447.8 billion in 2021.

“22022 was a year that tested our resilience and our determination. As we face the future, we do so with the confidence that we will maximize all opportunities and deal with challenges as they come.

“I strongly believe that the new holding structure of our organisation will prove to be a propeller in our journey towards sustained growth and success.”

The Star