BY NKECHI NAECHE-ESEZOBOR–Despite 0.7 percent drop in group profit before tax, Guaranty Trust Holding Company Plc (GTCO) has recommended a final dividend per share of N2.70 per share, which would be subject to withholding tax.
The lender released its audited consolidated and separate financial statements for 2021 to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) with Profit Before Tax dropping to ₦221.5billion when compared to ₦238.1billion reported in December 2020; this indicating 0.7 percent drop.
The group explained that its balance sheet remained “well-structured and resilient with total assets and shareholders’ funds closing FY 2021 at ₦5.44trillion and ₦883.2billion, respectively“.
The group’s loan book (net) increased by 8.4% from ₦1.66trillion while deposit liabilities grew by 14.4% from ₦3.61trillion to ₦4.13trillion.
Speaking on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company, Mr. Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our Stakeholders in spite of the challenges in the business environment and shifting economic conditions. As a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”
He said “2021 presented a crucial opportunity as we took strategic steps to reorganise our business and advance our position as a leading financial services company. With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments. Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”
