GTB rewards shareholders with N170

From Ngozi Onyeakusi, Lagos

Guaranty Trust Bank (GTB ) yesterday approved a dividend payout of N170 per share for the financial year ended 31st December, 2013, payable to the banks shareholders whose names appeared in the banks register and this translates to a total dividend of N50 billion.

The N170 paid to the investors of the bank within this period under review represents an increase of 10 per cent over N1.55 paid in the previous year Addressing shareholders at the banks annual general meeting in Lagos, the Chairman, Mr Egbert Imomoh stated that the bank maintained the tempo of recording improved financial performance.

He said “ GTBANK sustained its track record of delivery superior financial performance in the year under review, Group earning improved by 8.8 per cent to N242.6 billion from N223.6!billion in 2012”, he said.

He equally stated that the bank s Group cost containment strategies continued to yield rewarding result with only a 5.82 per cent growth in expense from N78.06 billion in 2012.

The bank, he said equally realized profit before tax of N107.09 billion, reflecting a 3.9 per cent growth, as against the N103.03 billion it was in 2012.

The bank’s loan book grew to N1.008 trillion in 2013, from N783.91 billion in the preceding year, while interest income stood at N185.38 billion in the year under review, as against the N170.30 billion recorded the previous year.

He said that the management’s current drive is for sustainable efficiency in operations with an aim to achieve 40 per cent cost-to-income ratio by 2016,” The bank just completed its acquisition of Fina Bank and its subsidiaries. The banks have been rebranded to GTBank.

“Fina Bank was already a profitable venture prior to acquisition and we are confident that it will be a lot more profitable, efficient and innovative under the GTBank umbrella,” he added.

On the future outlook of the bank, Imomoh stated, “We will continue to stir the course, work hard to transparent and maintained our reputation as a proudly African and truly International Institution.