At the third Annual General Meeting of Guaranty Trust Holding Company Plc (GTCO), shareholders approved a substantial capital raising initiative worth $750 million. The funds will be raised through various means, including public offerings, private placements, and rights issues. The meeting, held on Thursday, also saw shareholders endorsing a N94.179 billion dividend payout for the financial year ending December 31, 2023. This dividend includes a final dividend of N2.70 per share and an interim dividend of 50 kobo per share paid the previous year, cumulating to N3.20 per share for 2023.

In 2023, the group’s balanced financial strategy led to a 51.3 percent increase in total assets, reaching N9.8 trillion. This growth was driven by significant increases across various asset lines including investments, cash reserves, and loans. The Group CEO, Segun Agbaje, reflected on the robust performance despite economic challenges, noting a pre-tax profit (PBT) surge of 184.5 percent to N609.3 billion from N214.2 billion in 2022, underpinned by a 120 percent rise in gross earnings to N1.186 trillion.

Agbaje also emphasized the geographic and operational diversification of GTCO, attributing 77.5 percent of the group’s profitability to its Nigerian banking operations, with notable contributions from West and East Africa, and the UK. Looking ahead, he assured shareholders of an upward trajectory in dividends following an impressive first-quarter profit of N509.3 billion in 2024.

Shareholders expressed satisfaction with GTCO’s performance and diversification strategy. Okezie Boniface of the Progressive Shareholders Association lauded the company for its earnings growth, while Moses Ibrude from the Independent Shareholders Association of Nigeria commended GTCO’s commitment to strong corporate governance and encouraged minority shareholders to support the company’s growth through the upcoming capital raise.