Guaranty Trust Holding Company (GTCO), led by Nigerian banker and business executive Segun Agbaje, has announced a final dividend payout of N79.46 billion ($63.84 million) for the fiscal year 2023, marking a significant reward for its shareholders. This follows the release of its financial report, showcasing a surge in profit and strategic growth under Agbaje’s leadership.
GTCO’s recently published financial report reveals a remarkable surge in profits, with a staggering 219-percent increase from N169.17 billion ($130.54 million) in 2022 to N609.31 billion ($470.1 million) in 2023. This surge is attributed to robust performances across all income segments, signaling a pivotal moment in the company’s trajectory.
GTCO’s expansion under Segun Agbaje
As a leading Lagos-based financial holding company, GTCO offers a diverse array of services encompassing retail and investment banking, pension and asset management, and payment solutions.
Under the leadership of Segun Agbaje, who holds a 0.14-percent stake in GTCO, the leading lender has undergone a strategic expansion, fueled by growth in both its core commercial banking operations and its burgeoning non-banking financial services segment.
A key driver of this growth was an 80-percent increase in interest income, rising from N294.87 billion ($227.5 million) to N531.02 billion ($409.7 million). Additionally, a substantial surge of N441.8 billion ($340.9 million) in foreign exchange revaluation gains further bolstered the company’s financial performance for the year.
GTCO’s financial strength grows
The group’s recently published financial report also highlights a substantial increase in total assets, surging from N6.45 trillion ($4.97 billion) to N8.69 trillion ($6.7 billion), showcasing the lender’s robust financial position. Retained earnings also experienced significant growth, rising from N214.9 billion ($165.7 million) to N580.03 billion ($447.4 million) between Dec. 31, 2022, and Dec. 31, 2023.
The announcement of the final dividend underscores GTCO’s commitment to delivering value to its shareholders amidst a period of exceptional financial performance. With Segun Agbaje at the helm, GTCO continues to chart a path of sustained growth and profitability in the Nigerian financial landscape.