Shareholders of GTBank approve N79.46bn dividend for 2020 FY
By Kayode Tokede
The shareholders of Guaranty Trust Bank Plc (GTBank) at the 31st Annual General Meeting (AGM) bank on Friday approved N79.46billion final dividend for financial year ended December 31, 2020.
This was part of the shareholders resolutions at the AGM held in Lagos.
According to the resolution published on the Nigerian Stock Exchange, the management said, “That the final dividend in respect of the financial year ended December 31, 2020 in the sum of N79.46billion from the profit after taxation of the bank be and is hereby approved and declared payable as dividend at a rate of N2.70 kobo per 50 kobo ordinary share (bringing the total dividend paid to shareholders for the 2020 financial year to N3.00 per ordinary share of 50 kobo each), subject to the appropriate withholding tax deduction to shareholders who names are registered in the company’s register of member of the close of business on Wednesday.”
Other resolutions are, “The audited financial statements for the financial year ended December 31, 2020, and the reports of the directors, auditors and statutory audit committee thereon laid before the meeting be and are hereby received.
“That Mr. Ibrahim Hassan, offering himself for re-election, be and is hereby re-elected as a Non-executive Director of the company.
“That Mrs. Victoria Osondu Adefala, offering herself for re-election, be and is hereby re-elected as Non-executive Director (Independent) of the company.
“That Messrs Ernst & Young be and are hereby appointed as the company’s External auditors in place of princewaterhouseCoopers, who retired as the company’s auditor.
“That the Directors be and are hereby authorized to fix the remuneration of the Auditors, Messrs. Ernst & Young in respect of the year ending December 31, 2021.
“That the remuneration of the Managers of the company, be and is hereby disclosed.
“That Alhaji Mohammed Abiodun Usman, Mrs. Sandra Mbagwu-Fagbemi and Mrs. Aderonke Kuye, be and are hereby elected as the representatives of shareholders on the statutory audit committee of the company for the 2020 financial year. “
The Group reported Profit before tax of N238.1billion, representing a growth of 2.8per cent over N231.7billion recorded in the corresponding year ended December 2019.
The Group’s Loan book (Net) grew by 10.7 per cent from N1.502trillionrecorded as at December2019 to N1.66trillion in December 2020, while Customers’ deposits increased by 38.6per cent from N2.533trillionin December 2019 to N3.509trillion in December 2020.
GTBank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at N4.945trillion and N814.4billion respectively.
