GTCO declares record N8 per share dividend as profits soar to N1 trillion

Naijaonpoint research also estimates that this is the highest dividend per share declared by any Nigerian financial institution in 2024.

The total dividends amount to N235.4 billion, representing a 23.5% dividend payout out of the company’s profits of N1 trillion.

According to the Group MD/CEO, Segun Agbaje, explained that the dividends underscore the company’s earnings.

At a share price of N68, the final dividends of N68 suggest a dividend yield of 10% for its shareholders. The share price of the company rose by 7% as investors reacted positively to the stock.

Naijaonpoint earlier reported that GTCO Plc released its 2024 full-year audited accounts, revealing a record pre-tax profit of N1.266 trillion, up from N609.3 billion a year earlier.

The bank holding company also reported a surge in gross earnings, rising to N2.148 trillion from N1.186 trillion reported a year earlier.

GTCO also posted a profit after tax of N1.017 trillion, an 88.4% rise from the N539.6 billion reported a year earlier. This represents the highest profit ever reported by the bank in its history.

The company also reported that its Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3%.

GTCO Plc announced the successful completion of the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).

The Offer, which garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, fully allotted.

GTCO reported a total share capital which includes ordinary share capital and share premium of N346.2 billion, and still requires another N153 billion to meet its recapitalization targets.