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Gtbank to Pay N7.357 Billion Interim Dividend

August 25, 2014

Guaranty Trust Bank Plc last week boosted the liquidity position of its shareholders as it announced an interim dividend of N7.357 billion for the half year ended June 30, 2014.

GTBank has a policy that gives shareholders dividends twice a year and the bank has been consistent with this policy of paying interim and final dividends. To this end, the board of directors of the bank recommended an interim dividend of N7.357 billion for shareholders in its half year results as at June 30, 2014. The dividend, which translates into 25 kobo dividend per share, is similar to what was paid last year.

The dividend, which will be paid on September 18, 2014 to shareholders whose names would appear on the register of the bank as at September 4, will be paid out of the N44 billion profit after tax recorded for the half year.

The results showed that GTBank's gross earnings rose to N132.98 billion, from N124.20 billion in the corresponding period of 2013. Pre-tax profit dipped by 6.92 per cent from N57.4 billion to N53.39 billion while profit after tax declined to N44 billion.

However, the bank's loan book grew by 16 per cent from N899 billion to N1.04 trillion in June 2014, while its total customer deposits increased by eight per cent to N1.54 trillion. The Managing Director/Chief Executive Officer, GTBank, Mr. Segun Agbaje attributed the performance to the hard work of its members of staff, commitment of its management team and more importantly, continued support from its customers.

According to him, the second half of the 2014 financial year would be a stronger period during which the bank will make positive improvements in its market positions across its key products and business segments.

He said "a major objective for the bank this year is to offer our customers greater convenience and accessibility to our services using internet and mobile solutions and we have, to date achieved over a million downloads of our mobile banking app and experienced a 25 per cent increase in active internet banking users."

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Source: AllAfrica

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