Shareholders of GTBank plc gave their approval for the Board of Directors of the Bank to pay final dividend of 175kobo per share, which brings total dividend paid by GTBank for the financial year 2016 to 200kobo.
The shareholders gave the approval Friday at the 27th annual general meeting (AGM) of Guaranty Trust Bank Plc held in Lagos.
At the meeting, the shareholders received and adopted the bank’s audited financial statements for the year ended December 31, 2016, and reports of the directors, auditors and statutory audit committee.
In the financial year 2016, the tier-1 lender reported gross earnings growth of 37percent to N414.62billion, from N301.85billion reported in the December 2015.
GTBank Plc reported full year 2016 profit before tax (PBT) of N165.14billion, representing a growth of 37percent over N120.69billion recorded in the corresponding period of December 2015.
Also, its profit after tax for the year 2016 rose by 33.03percent to N132.280billion from N99.436billion in 2015. Its Earnings Per Share (EPS) grew by 33percent, to 467kobo from 351kobo in 2015.
The group interest income increased to N262.494billion from N229.236billion in 2015, an increase of 14.51 percent. Fee and commission income declined to N51.273billion from N51.865billion in 2015, down by 1.14 percent.
The bank’s loan book grew by 16 percent, from N1.373trillion recorded as at December 2015 to N1.590trillion in December 2016 with corresponding growth in total deposits which increased by 29percent to N2.111trillion from N1.637trillion in December 2015.
Operating expenses increased to N113.6billion an increase of 18 percent from N96.4billion in 2015. GTBank Plc reported 29 percent increase in Total Deposits in 2016 to N2.111trillion from N1.636trillion in 2015.
Osaretin Demuren, Chairman, Board of Directors, Guaranty Trust Bank Plc said, “Given the significant progress we have made in recent years, I believe we are very well placed to make the most of the opportunities that exist. We are in a strong financial position to withstand the macroeconomic uncertainties and deliver strong and sustainable returns to our shareholders. We remain committed to supporting the Nigerian economy and the communities in which we operate across Africa and in the UK”.