Shareholders approve GTB performance in 2008

Friday Ekeoba, Lagos - 21.05.2009

Shareholders of Guaranty Trust Bank (GTB) Plc, on Wednesday, approved the performance of the bank which was recorded in the financial year ended December 31, 2008, seeing gross earnings rising by 27 per cent.

The bank grew its earnings from N82 billion recorded in the corresponding period of last year to N104 billion, while its profit before tax in the period rose by 29 per cent, an increase over its 12 months profit before tax of N27 billion in February 2008.

The bank’s total assets and contingents rose by 30 per cent from N1 trillion to N1.37 trillion.

Its shareholders funds equally rose to N178 billion from N160 billion recorded in the same period of 2008, representing 11 per cent increase.

Speaking on the performance of the bank at its 19th annual general meeting (AGM) in Lagos, the national coordinator of the Independent Shareholders of Nigeria (ISAN), Mr. Sunny Nwosu, said the result was an indication that the bank’s management cared for its shareholders.

He commended the bonus and dividend given by the bank to shareholders, saying with the one for four bonus and the N1 per share dividend, the bank had set a standard in the industry.

“With this result at this time, this is a welcome development and will be a standard for other banks in the industry to follow,” he said