Nigeria’s GTBank to pay shareholders $24m in H1 2018

One of Nigeria’s biggest lenders, Guaranty Trust Bank Plc. (GTBank) has announced it will pay its shareholders the sum of N8.8 billion ($24.35 million) at 30 kobo per share following a recommendation by its board of directors. The bank said that the interim dividend will be “paid to all shareholders whose names appear in the Register of members as at the close of business on Wednesday, August 15, 2018″.

The announcement came following the publishing of GTBank’s half year 2018 results where it reported a 14.2 percent growth in profit after tax to N95.582 billion ($264.7 million) from N83.679 billion in 2017. The bank also posted gross earnings of N226.6 billion, showing an increase of f 5.9 per cent from N226.6 billion in 2017.

“In spite of declining yields and the challenges in the operating environment, we have delivered a decent half year result,” said Segun Agabaje, the managing director/CEO of the bank. “The quality of this result is built on the strength of our businesses as well as the success of our digital-first customer-centric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives.”

Agabaje said the bank will continue to focus on consolidating its leading position everywhere it operates by staying committed to building a nimble and efficient business, providing customers with benefits beyond banking.