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Shareholders approve N80.94bn GTBank Dividend - 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: Shareholders approve N80.94bn GTBank Dividend (/showthread.php?tid=16401) |
Shareholders approve N80.94bn GTBank Dividend - Edoman - 04-19-2019 Shareholders approve N80.94bn GTBank payout SHAREHOLDERS of Guaranty Trust Bank Plc, on Thursday in Lagos unanimously approved the directors’ recommendation N2.45 final dividend per share for the year ended December 31, 2018, which in addition to the 30 kobo half-year interim, brings total payout for the full-year to N2.75 or N80.935bn. Gross earnings for the period increased by 3.69% from N419.226bn in 2017 to N434.698bn, while a combination of the drop in loan impairment charges from N12.169bn to N4.906bn, and rise in fee and commission income to N52.367bn from N42.921bn, lifted profit after tax by 9.96% from N167.912bn to N184.639bn. Commenting on the results, shareholders variously described it as superlative, given the tight and even unfriendly operating environment and multiplicity of taxes that leave government and its agencies richer at the end of the day than investors. Nonah-Awoh, a shareholder warned the management to work towards a time, soon, when account maintenance fees, which is a good source of revenue for most banks today, is wiped off by competition or regulation, just as COT that was once a veritable source of income. He lamented the N18.23bn reported as unclaimed dividend, an amount, he said mostly belong to small retail investors, challenging the board and management to work seriously towards reducing it drastically before the next Annual General Meeting. The shareholder noted that GTBank alone paid N19.4bn in taxes to the government last year, up from N16.06bn for the 2017 financial year; while the Asset Management Corporation of Nigeria (AMCON) received N31bn into its sinking fund in two years. Added to these, he continued, is the N7.89bn deposit insurance premium, up from N7.935bn in 2017; and another N14.4bn in agric SME contributions, which climbed from N6.4bn. Nonah-Awoh accused the Federal Governance of stifling businesses with excessive taxes, noting for example, that GTBank paid out a total of N482.2bn in taxes including company income and withholding on the dividend declared, which is much more than it would record in two years as profit at current rate. “We have paid the CBN (Central Bank of Nigeria) more than our (GTBank’s) profit for three years,” he lamented further. He wondered why banks will be encouraged to mobilize deposits at 3% interest, only for the CBN to warehouse same in the name of Cash Reserve Ratio for which nothing it paid. For him, to ensure the deposit mobilization efforts of the banks are not wasted, the CBN should pay 3% on the N416bn warehoused funds. This, he noted, would earn GTBank N12.5bn, while even 2% could increase its revenue by N8.3bn, which he stressed, is significant. Responding, Segun Agbaje, chief executive of the bank assured that ongoing efforts would continue to reduce the quantum of unclaimed dividend in its books, stressing the need for care so that impostors do not steal other people’s dividend. Agbaje said the bank is not under any threat, even if account maintenance charge goes away today. On the N400bn CRR with the CBN, he said the management is not in any position to speak on the matter; just as he said the board is not considering the possibility of bonus shares, as it would affect payment of healthy dividend to shareholders. RE: Shareholders approve N80.94bn GTBank Dividend - Edoman - 04-19-2019 GTBank shareholders approve N80.935bn dividend April 18, 2019 Shareholders of the Guaranty Trust Bank Plc (GTBank) have approved total dividend payout of N2.75 kobo for the financial year ended December 31, 2018. The amount translated into N80.935 billion against N2.70 kobo amounting to N79.464 billion paid in the corresponding period of 2017. The board paid interim dividend of N0.30 kobo and proposed final dividend of N2.45 kobo bringing the total for the 2018 financial year to N2.75 kobo. Shareholders who spoke at the meeting frowned over the Central Bank of Nigeria zero interest charges on the banks deposit, stressing that the payment of interest in the bank’s deposit would increase investors return at the end of financial year. The National Cordinator Independent Shareholders Association of Nigeria (ISAN), Sir Sony Nwosu who spoke at the meeting commended the board for sustaining the bank’s dividend policy and maintaining growth profile. [/url]Similar news NERC issues permit to Ikeja, Benin DisCos’ meter asset providers He expressed the need for shareholders to work clsely as one body to be able to fight against the charges imposed on the banks by regulator and Assets Management Corporation of Nigeria (AMCON). He however said investors do have problem with the regulatory policies and not the governor of Central Bank of Nigeria. Speaking further he said, shareholders must rise as a group to fight for their right, fight against some of the decision and taxes imposed on banks to ensure sustained profit growth and returned on investment. Nwosu who commended the board and management for the performance of the bank in the first quarter of 2019 expressed optimism that the second quarter unaudited financial result would be much better. Similar news Why housing ecosystem should be replicated nationwide-Fashola Addressing shareholders, managing Director/chief executive officer of the bank, Segun Agbaja assured investors that the management would always adopt strategies would enable the bank profitabilities. He said the management would continue to ensure that all the unclaimed dividend gets to the real owners. He said in 2018 the bank focused on stsying nimble, streghtening customers relationship and driving its digital first strategy paid off. He said the bank successfully nevigated the pressures of its challenging and radically changing business,cenvironment, recorded growth across key financial indices. Reviewing the bank’s result, he said 2018 financial year shows positive performance across all financial metrics and improved strategic positioning of the brand. According to him, gross earnings for the year grew by 3.7 per cent to N434.7 billion from N419.2 billion reported the previous year. Profit before tax stood at N215.6 billion, representing a growth of 9.1 per cent from N197.7 billion recorded in the corresponding period. The bank’s customer deposits increased by 10.3 per cent to N2.274 trillion from N2.062 trillion in December 2017 while loan book dipped by 12.9 per cent from N1.449 trillion recorded in 2017 to N1.262 trillion within the period under review.” Similar news I’ll rebuild Jos terminus market to pay new minimum wage – Lalong [url=https://www.blueprint.ng/%ef%bb%bfill-rebuild-jos-terminus-market-to-pay-new-minimum-wage-lalong/] He said the bank closed the 2018 financial year with total assets of N3.287 trillion and shareholders funds of N575.6 billion. In terms of assets quality he said NPL ratio and cost of risk improved to 7.3 per cent and 0.3 per cent in December 31, 2018. Share |