Table of Contents
Key Points
- GTCO’s 2024 profit soared to $661.3 million, up from $350.84 million in 2023, driven by higher income and cost efficiency.
- The board recommended a record N206.9 billion ($134.4 million) dividend, the highest ever by a Nigerian bank.
- The leading lender's assets grew from $6.3 billion to $9.62 billion, fueled by investment gains and rising cash balances.
Guaranty Trust Holding Company Plc (GTCO), the Lagos-based financial powerhouse led by Nigerian banker Segun Agbaje, has once again delivered record-breaking financial results.
The group reported a profit of $661.3 million for its 2024 fiscal year, prompting its directors to recommend the highest dividend ever declared by a Nigerian bank—N206.9 billion ($134.4 million). The move underscores GTCO’s strong financial discipline and commitment to creating value for its shareholders.
GTCO achieves milestone profit growth
According to its recently published consolidated and separate income statements for the year ended Dec. 31, 2024, GTCO’s profit surged from N539.6 billion ($350.84 million) in 2023 to N1.017 trillion ($661.3 million) in 2024.
The growth was driven by a combination of effective cost management and an increase in gross earnings, highlighting the bank’s continued expansion and financial strength.
During the period, net interest income more than doubled, climbing from N333.74 billion ($217 million) to N921.9 billion ($600 million), while net fee and commission income rose from N109.4 billion ($71 million) to N189.71 billion ($123.3 million).
Additionally, unrealized fair value gains on financial instruments amounted to N517.5 billion ($336.4 million), providing a further boost to GTCO’s balance sheet.
GTCO’s expansion fuels strong asset growth
GTCO, headquartered in Lagos, offers a wide range of services, including retail and investment banking, pension and asset management, and payment solutions.
Under Agbaje, the bank has expanded strategically, strengthening both its traditional banking operations and its growing presence in non-banking financial services. As a shareholder himself with a 0.14 percent stake, Agbaje has steered the institution toward sustained profitability and growth.
Its strong financial performance also fueled significant asset growth. Total assets rose from N9.69 trillion ($6.3 billion) in 2023 to N14.8 trillion ($9.62 billion) in 2024, supported by an increase in the fair value of investment securities and a sharp rise in cash and bank balances, which grew to N4.67 trillion ($3.03 billion).
Growth strengthens shareholder value
Despite a rise in liabilities from N8.21 trillion ($5.33 billion) to N12.08 trillion ($7.85 billion), the group’s shareholder equity strengthened, increasing from N1.47 trillion ($955.6 million) to N2.71 trillion ($1.76 billion). Retained earnings more than doubled, climbing from N580.03 billion ($377 million) to N1.319 trillion ($857 million).
Thanks to this performance, GTCO’s board has proposed a final dividend of N7.03 ($0.00457) per share, bringing the total dividend for the 2024 financial year to N8.03 ($0.0052) per share—more than double the previous year’s payout of N3.2 ($0.00208) per share.
