GTCO to pay shareholders N14.72bn interim dividends in HY’2023
Shareholders of GTCO Holdings Plc will receive an interim dividend of N14.72 billion for the half year ended June 2023 representing 50 kobo per share.
The Board of Directors of the holding company proposed the payment of an interim dividend in the sum of 50 Kobo per ordinary share on the issued capital of 29,431,179,224 Ordinary Shares of 50 Kobo each payable to shareholders on the register of shareholding at the closure date.
This was contained in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX).
According to the company, the interim dividend subject to the deduction of appropriate withholding tax, will be paid to shareholders whose names appear in the Register of Members as of September 14, 2023, for Ordinary Shareholders and on September 5, 2023, for holders of GTCO’s Global Depository Receipts (GDR).
The statement signed by Erhi Obebeduo, Group General Counsel/Company Secretary noted that the Register of Ordinary Shareholders will be closed on September 15, 2023, while the Register of GDR holders will be closed on September 6, 2023.
The company stated that on September 25, 2023, dividends will be paid electronically to Ordinary Shareholders whose names appear on the Register of Members as of September 14, 2023, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
According to the company, shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Form, which is available on the Registrar’s website and also on GTCO’s, complete and submit it to the Registrar or the nearest GTCO branch.
Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are also advised to complete the e-dividend registration or contact the Registrar.
Guaranty Trust Holdings Plc reported a profit before tax of N327.4 billion, representing an increase of 217.1 per cent over N103.2 billion recorded in the corresponding period ended June 2022.
The Group’s loan/ book (net) increased by 22.8 per cent from N1.89 trillion recorded as of December 2022 to N2.32 trillion in June 2023, while deposit liabilities grew by 37.0 per cent from N4.61trillion in December 2022 to N6.32 trillion in June 2023.
Growth in Assets and Liabilities
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N8.5 trillion and N1.2 trillion, respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.7 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.6 per cent in June 2023 from 5.2 per cent in December 2022.
However, Cost of Risk (COR) closed at 3.7 per cent from 0.6 per cent in December 2022 owing to worsening macros which caused a significant increase in ECL variables.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said, “Our half-year audited results reflect the strong business fundamentals underpinning the GTCO franchise, the quality of our past decisions in future-proofing our balance sheet for challenging times, and the sound practices that guide our day-to-day operations.
Despite the challenges in the business environment, notably inflationary pressures, and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure.
Improved profitability and solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development, and our people.
“We recognise the impact prevailing economic and market conditions have on people and livelihoods and we remain committed to seeking better outcomes for our customers, by ensuring that our products and service offerings support our customers and their businesses through their evolving realities, whilst also taking every opportunity to optimise stakeholder value.”
