GTCO Announces $63.8 Million Dividend Distribution to Its Shareholders

Guaranty Trust Holding Company (GTCO), helmed by Nigerian banker and business leader Segun Agbaje, has declared a final dividend payout of N79.46 billion ($63.84 million) for fiscal year 2023, providing a large return to its shareholders. This comes after the publishing of its financial report, which showed a spike in profit and strategic expansion under Agbaje’s leadership.

GTCO’s current financial report shows a spectacular 219-percent growth in profits from N169.17 billion ($130.54 million) in 2022 to N609.31 billion ($470.1 million) in 2023. This spike is linked to strong success across all income segments, indicating a turning point in the company’s trajectory.

GTCO, a significant Lagos-based financial holding firm, provides a broad range of services, including retail and investment banking, pension and asset management, and payment solutions.

Under the leadership of Segun Agbaje, who owns a 0.14 percent share in GTCO, the top lender has undergone strategic development, propelled by growth in both its core commercial banking activities and its booming non-banking financial services sector.

Interest income increased by 80 percent, from N294.87 billion ($227.5 million) to N531.02 billion ($409.7 million), driving this expansion. Furthermore, a significant increase of N441.8 billion ($340.9 million) in foreign exchange revaluation gains boosted the company’s financial performance this year.

The lender’s last financial report shows a significant increase in total assets, from N6.45 trillion ($4.97 billion) to N8.69 trillion ($6.7 billion), demonstrating its strong financial condition. Retained earnings increased significantly from N214.9 billion ($165.7 million) to N580.03 billion ($447.4 million) between December 31, 2022 and December 31, 2023.

The declaration of the final dividend demonstrates GTCO’s commitment to providing value to its shareholders during a period of excellent financial performance. With Segun Agbaje at the leadership, GTCO remains on track for long-term growth and profitability in Nigeria’s financial landscape.

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