Guaranty Trust Holding Company Plc has released its interim consolidated and separate financial report for the half year ended June 30, 2024.
The report shows that the bank grew its profit before tax grew by 206.36 per cent to N1.003trn from N327.39bn during the comparable period last year.
The bank accomplished this despite soaring inflation. Though the latest inflation report released by the National Bureau of Statistics (NBS) showed Nigeria’s headline inflation rate decreased to 33.40 per cent in July 2024, down from 34.19 per cent in June 2024, the country’s inflation still remain elevated.
A copy of the financial report seen by NewsNGR showed that profit before tax grew by 222.86 per cent to N905.573bn from N280.48bn in 2023.
Gross earnings rose by 106.95 per cent in six months to N1.39trn from N672.6bn during the comparable period last year.
During the period under review, the Board of Directors proposed the payment of an interim dividend in the sum of N1.00K per ordinary share on the issued capital of 29,431,179,224 ordinary shares of 50 Kobo each
The dividend is payable to shareholders on the register of shareholding at the closure date and withholding tax will be deducted at the time of payment.
Guaranty Trust Holding Company Plc recently embarked on its offer for a subscription of 9,000,000,000 ordinary shares of 50 kobo each at N44.50 per ordinary share.
This follows the clearance of the offer prospectus and registration of the offer shares by the Securities and Exchange Commission, Nigeria (SEC Nigeria).
According to a statement from the company, net proceeds of the offer will be applied toward the recapitalisation of GTCO Plc’s principal banking subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria) as well as support Group-wide growth and expansion initiatives.
Speaking at the “Facts Behind the Offer Presentation,” GTCO Group Managing Director Mr. Segun Agbaje disclosed on growth strategy going forward, GTCO plans to deepen the business, exposure to critical sectors would be bigger and stronger.
“Outside Nigeria, we are planning to invest in Senegal, because we think business is good there. We are going to grow in Cote d’Ivoire, Ghana, and Kenya,” he said