The board and management of Guaranty Trust Bank (GTBank) Plc have reiterated the bank’s commitment to creating value and sustainable wealth to all stakeholders and shareholders.

Chairman GTBank Plc, Mrs. Osaretin Demuren and Mr. Segun Agbaje, Managing Director of the bank gave the assurances during the bank’s 27th Annual General Meeting (AGM) in Lagos on Friday.

The Bank’s Chairman and Managing Director maintained a positive stand on Nigeria’s economic future driven  by  ongoing economic recovery policies, and ushering in rewarding economic prospects , as they assured shareholders of  bright and rewarding future for all.

Segun Agbaje, GTBank’s Managing Director in his remark, said that in pursuit of the bank’s sustainability initiatives, returning value to staff, customers, shareholders and the communities have remained upbeat in its activities and a driving force for the board.

“Ultimately, we understand that becoming a platform for enriching lives, means building strong value, adding relationships with our customers, stakeholders and the communities in which we operate” Segun Agbaje said  “ We will continue to focus on strengthening these relationships in order to ensure long term franchise , value and deliver sustainable returns to our shareholders. The strategy which has served us well in the past and is serving us well in the present, will continue to serve us well into the future”

He said that even as the bank may not be competing with any other bank in the industry in terms of dividend payout, the bank is however focused on improving value and creating wealth for the future of its shareholders.

“We try not to compete, but concentrate more in building for the future, we would continue to add value to your stocks, which is why there is an appreciation in the dividend paid compared to that of last year.”

The Bank’s board had proposed a final dividend per share of N1.75, in addition to 25 kobo interim dividend bringing the total dividend for the year to two naira per share, a 13 percent increase over N1.77 paid in 2015 which represents a dividend yield of 8.16 percent at a market price of N24.61 as at 2016 year end.

Agbaje further revealed that the Bank has the highest Return on Equity across the industry in 2016. Return on Equity (ROE) is a profitability ratio that measures return on stockholders’ investment. It measures how much naira of profit banks were able to generate with each naira of shareholders’ equity.

In 2016, GTB had the highest return of 26.2 percent in the banking industry.  A year on year comparison of the bank’s ROE showed that, GTBank grew returns by 2.2 points from 24 percent in 2015, suggesting an increasing ability to generate profit without needing as much capital.

According to Agbaje, the Bank’s performance in 2016 did not only reflect the resilience of the company’s franchise, but demonstrated the fundamental strength of its businesses to deliver sustainable long-term growth.

Agbaje noted that although the challenges in the macroeconomic environment were likely to persist, the Bank’s commitment to staying positive, delivering exceptional financial services to its customers, and adding value to all stakeholders has never been stronger.

He further noted that the Bank would continue to focus on strengthening these relationships in order to ensure long-term franchise value and deliver sustainable returns to our shareholders.

“This strategy which has served us well in the past and is serving returns to our shareholders, we believe, will continue to serve us well into the future.” “he said that with repositioning of the bank’s business structures and significant investment in its  digital abilities, the board is  confident in the bank’s  capability to deliver differentiated products and services to  customers whilst enhancing cost-efficiency and reducing risk,

Chairman GTBank Plc. Mrs. Osaretin Demuren, earlier in her address, emphasized n the bank’s sustainability initiatives ““We are in a strong financial position to withstand the macroeconomic uncertainties and deliver strong and sustainable returns to our shareholders. We remain committed to supporting the Nigerian economy and the communities in which we operate across Africa and the UK”

She assured that, irrespective of challenging macroeconomic environment, GTBank is positively forging ahead 2017 with commitment to delivering better returns to all stakeholders “it is important that we look ahead with optimism as we go into 2017. We face the future with strong foundation and excellent franchise built to serve our customers”

GTBank chairman said that based on the significant progress recorded by the bank in recent years, the financial institution is well placed to make the very best use of opportunities that exists in the nation’s economy.

Demuren reiterated that core on the bank’ strategy is to enrich lives of its customers, ‘”by connecting those we serve to the resources and expertise they need to achieve their goals”

Financial performance for the 2016 year showed the bank grew Gross Earnings by 37percent from N301.9 billion in 2015 to N414.6 billion in 2016 and Profit Before Tax increased by 37 percent to N165.1 billion in 2016 from N120.7 billion in 2015.

Customer Deposits grew by 23.3 percent from N1.61 trillion in 2015 to N1.99 trillion in 2016. The bank maintained its position as the most efficient bank in Nigeria by recording a Cost to Income Ratio (CIR) of 40.8 percent in 2016.

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