Connect with us


GTCO shareholders approve $750m capital raising

Shareholders of Guaranty Trust Holding Company (GTCO) Plc on Thursday at the third Annual General Meeting approved the company’s plan to establish a capital raising programme of $750 million either through public offerings, private placements, rights issues and/or other transaction modes.

Also, the shareholders endorsed the management’s N94.179 billion dividend payouts for the year ended December 31, 2023, comprising of N2.70 per share final dividend and 50 kobo interim dividend paid last year, making a total dividend paid for the 2023 financial year to N3.20 per share.

Speaking at the meeting, Chairman of the company, Mr. Hezekiah Sola Oyinlola said: “After three years of reorganizing and fitting all the business verticals into a holding company structure, we successfully made the first wave of progress in our drive to broaden and diversify our revenue streams and solidify our standing as a leading financial services provider in Africa.”

Oyinlola noted that “in 2023 the Group’s Balance sheet remained well structured and distributed with loans and advances accounting for 25.4 per cent in full year 2023, investment securities at 25.3 per cent in 2023 and placement 16.1 per cent in 2023. The Group grew its total Assets by 51.3 per cent to N9.8 trillion in 2023 due to increases posted on key asset lines including investment securities, cash & bank balances, loans and advances, and restricted deposits.”

The Group CEO of GTCO, Segun Agbaje stated that in spite of the varying challenges in the operating environment and headwinds that weighed on growth in 2023, the Group delivered a strong performance posting a PBT of N609.3 billion representing a growth of 184.5 per cent from N214.2 billion achieved in full year 2022.

Responding to questions at the end of the meeting, Agbaje said the board and management of the company is happy at the performance of the company in 2023 financial year and promised that the company will do better in 2024 to continue with the tradition of upward trajectory already in place in the company over the years.


author avatar
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *