GTCO promises new opportunities, value for investors

 Shareholders approve N3/share dividend

Stakeholders of Guaranty Trust Holding Company (GTCO) Plc have been urged to look forward new opportunities, and value for their investments.  

These were the assurances given by the Chairman, GTCO, Hezekiah Oyinlola, during the bank’s 1st Annual General Meeting (AGM), held in Lagos.

He described the 2021 financial year as pivotal in corporate history after years of revision and planning.

He said: “After years of revisioning and planning, we successfully reorganised into a holding company to harness the potential within our operating environment and consolidate our position as a leading financial services provider in Africa.”

He noted that the bank had recorded much progress in its drive to diversify income streams and ensure long-term value creation for all stakeholders.

“When I look at the future of every segment of this organisation; from our talent base to our business models and digital capabilities, I am reminded of how forward-thinking our management has continued to be in its push to stay ahead in creating innovative financial solutions, delivering service excellence and ensuring long-term value creation,” he added.

On the outlook of the bank, Oyinlola said: “I am excited by the potential of our new holding company structure. I see the immense opportunities opened by our strategic investments in building up diverse lines of business.

“The future of financial services belongs to the institutions that will seamlessly integrate the full range of cutting-edge solutions in a people-centric digitally enabled ecosystem.”

Consolidating position

The Group Chief Executive Officer (GCEO), GTCO, Segun Agbaje, informed that the HoldCo started 2021 with its corporate reorganisation and finished the year more robust and dynamic to consolidate its leadership position.

He said: “Following the shareholders’ approval of our transition to a holding company structure in December 2020, we worked with regulators, the broad spectrum of our stakeholders and some of the most experienced advisory institutions in the world.

“This is to ensure that we have not only a smooth transition but also the best people and the right structures to drive our vision of becoming Africa’s leading financial services groups.”

He added the bank completed the incorporation of Guaranty Trust Holding Company as the new parent company in July 2021.

On the financials, Agbaje said the 2021 results showed resilient performance across all indices, reaffirming the lender’s position as one of the best managed financial institutions in Africa.

“The Group closed the year 2021 with total assets of N5.4 trillion, up by 9.9% from N4.9 trillion the full year 2020 position.

“Across all its banking subsidiaries in West Africa, East Africa and the United Kingdom, the Group continues to maintain a diversified balance Sheet.

“The Group closed 2021 with a profit before tax of N221.5 billion; this is despite the challenges and headwinds presented by the operating and regulatory environments in 2021.”

The future of financial services belongs to the institutions that will seamlessly integrate the full range of cutting-edge solutions in a people-centric digitally enabled ecosystem.

Dividend pay-out

Meanwhile, shareholders unanimously endorsed the bank’s N3/share dividend for the year.

The Group had proposed a final dividend of N2.70/share held by shareholders in addition to the interim dividend of 30 kobo paid in June, bringing the total dividend for the 2021 financial year to N3.

Also at the meeting, the shareholders approved the appointments of a new board, even as the management promised to unlock the potential of the bank’s diversification for long-term growth and sustainable return.

Speaking on behalf of the shareholders, the patron, Nigeria Shareholders Solidarity Association (NSSA), Timothy Adesiyan, applauded the progress the bank has made in its transition to a holding company (HoldCo).

He said shareholders have great expectations, noting that with the good corporate governance principle with which the company is run, the future is bright for investors.

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