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GTBank lifts shareholders’ mood with N82.4b dividend payment - Printable Version +- Forums (http://contripeople.com) +-- Forum: General Discussion (http://contripeople.com/forumdisplay.php?fid=5) +--- Forum: Market Place (http://contripeople.com/forumdisplay.php?fid=77) +--- Thread: GTBank lifts shareholders’ mood with N82.4b dividend payment (/showthread.php?tid=30746)

GTBank lifts shareholders’ mood with N82.4b dividend payment - Edoman - 04-01-2020 GTBank lifts shareholders’ mood with N82.4b dividend payment April 1, 2020 [/url] [url=https://thenationonlineng.net/wp-content/uploads/2020/04/Guaranty-Trust-Bank-scaled.jpg] Nigeria’s largest financial institution, Guaranty Trust Bank (GTBank) Plc brightened the stock market with immediate payment of its final dividend of N82.4 billion after it made history with the conduct of first-ever proxy annual general meeting (AGM). Shareholders confirmed that the dividend payment, which was approved at the proxy AGM on Monday, was immediately credited to their accounts. Shareholders received a final dividend per share of N2.50 in addition to interim dividend of 30 kobo paid earlier, bringing the total dividend per share for the 2019 business year to N2.80. The bank had distributed N80.94 billion as cash dividend for the 2018 business year, representing a dividend per share of N2.75. GTBank had secured regulatory approval to conduct its AGM through the use of proxies by shareholders in order to circumvent delays and disruptions created by restrictions on public gatherings by the government. Nigeria has heightened its state of emergency as the confirmed cases of Covid-19 continue to rise with Lagos, the nation’s economic centre, remaining the epicentre of the spreading Coronavirus. Lagos State, where most annual general meetings usually hold, has placed restriction of not more than 25 persons on public gathering, automatically closing down large-group assembly like AGM. Most other states are enforcing restrictions. GTB, which had scheduled to hold its AGM in Lagos on March 30, 2020, sought for regulatory approvals to make use of rules on proxy, which allow shareholders to appoint personal representative or to appoint the chairman of the board or any presiding official or any of the directors of a company to act for them. Shareholders’ representatives who spoke at the AGM monitored online commended the bank for its commitment to its shareholders despite the obvious constraints occasioned by the Covid-19 pandemic. Founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said the bank deserves commendation for its consistent growth and commitment to shareholders’ value creation. Another shareholder, Mr Nonah Awoh, while commending the bank’s donation of 110-bed isolation centre to the Lagos State Government in the fight against Covid-19, said the bank must institute a clear rule on the maximum donation that can be made without shareholders’ approval. Key extracts of the audited report and accounts for the year ended December 31, 2019 showed modest growths across key performance indices. Gross earnings rose from N434.7 billion in 2018 to N435.31 billion in 2019.