By Aduragbemi Omiyale

Customers of Guaranty Trust Holding Company (GTCO) Plc have been assured of sustained cutting-edge financial solutions as the management continues to unlock new opportunities and create more value for shareholders.

The chief executive of GTCO, Mr Segun Agbaje, gave this assurance while reacting to the financial performance of the organisation for 2024.

The company over the weekend released its 2024 full year audited results to the investing public through the Nigerian Exchange (NGX) Limited.

In the year ended December 31, 2024, the financial institution reported a profit before tax of N1.3 trillion, representing an increase of 107.8 per cent over the N609.3 billion recorded in the corresponding year.

This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management.

It also posted growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet.

The loan book (net) increased by 12.3 per cent to N2.79 trillion from N2.48 trillion, as deposit liabilities grew by 37.8per cent to N10.40 trillion from N7.55 trillion, and total assets and shareholders’ funds closed at N14.8 trillion and N2.7 trillion, respectively.

Business Post reports that a final dividend of N7.03 per share was proposed by the board of GTCO to shareholders, bringing the total cash reward for the year to N8.03 per share.

“Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive.

“Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution.

“We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.

“The total dividend of N8.03 for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year,” Mr Agbaje stated.

“Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability.

“We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—banking, funds management, pension, and payments—to unlock new opportunities and create more value for our shareholders,” he added.

By Adedapo Adesanya

The Nigeria Deposit Insurance Corporation (NDIC) has declared that the first tranche of liquidation dividends from defunct Heritage Bank’s asset realisation would begin in April for depositors who have more than N5 million.

A statement issued by the Acting Head of Communication and Public Affairs of the agency, Ms Hawwau Gambo, in Abuja on Sunday, said the depositors would be paid on a pro-rata basis.

Ms Gambo said the payment would be in line with Section 72 of the NDIC Act 2023 on the priority of claims.

She said the corporation was reacting to concerns raised by depositors of the defunct Heritage Bank whose balances exceeded the maximum deposit insurance limit of N5 million.

The official said the Corporation had intensified efforts to ensure timely payments.

“For clarity, the referenced section states that where an insured institution is unable to meet its obligations or suspends payment, or where its management and control have been taken over by the Central Bank of Nigeria (CBN) following the revocation of its licence, the assets of the insured institution shall be available to meet its deposit liabilities.

“Such deposit liabilities shall have priority over all other liabilities of the insured institution.

“The NDIC has made substantial progress in disposing the physical assets and recovering some of the debts of the failed bank to ensure that depositors with balances above the maximum insured limit receive their payments as soon as possible.

“As a clear demonstration of this commitment, the Corporation commenced the realisation of physical assets and investments as well as aggressive recovery of the risk assets, concurrently with the verification and payment of insured sums.

“Consequently, other claimants of the failed Heritage Bank, including creditors, and shareholders will be considered for payment of liquidation dividends only after all depositors have been fully reimbursed,” she said.

On depositors of the defunct bank who were yet to be paid their insured deposits, Gambo said that only depositors without Bank Verification Number (BVN) or alternate accounts in other banks were affected.

She said that other depositors in that category were those with post no debit (PND) restrictions on their accounts.

”Additionally, some accounts have Know Your Customer (KYC) limitations such as Tier 1 accounts that places restrictions on the maximum lodgment of funds, while others have name mismatches that require resolution.

”Some depositors who have been paid may also be unaware that they have received payments due to lack of mobile phone transaction alerts on their alternate accounts into which the insured sums were paid by the NDIC.

Meanwhile, NDIC has also urged members of the public to continue their banking activities without fear, assuring that all banks remained safe and sound.

In the statement, it reiterated the corporation’s commitment toward safety of depositors’ funds in all licenced banks.

By Dipo Olowookere

A final dividend of N4 per share has been proposed by the board of Zenith Bank Plc for the 2024 financial year, a statement from the lender has revealed.

The cash reward, which reached N5 per share for the year because of an interim dividend of N1 paid earlier in the year, is coming after the company improved its post-tax profit to N1.03 trillion from N676.9 billion as the profit before tax (PBT) increased to N1.32 trillion in 2024 from N796.0 billion in 2023, driven by a combination of top-line expansion and efficient treasury portfolio management.

As for the top-line of the results analysed by Business Post, the financial institution grew its gross earnings by 86 per cent on a year-on-year basis to N3.97 trillion from N2.13 trillion in the previous accounting year, driven by a 138 per cent rise in interest income, supported by investment in high-yield government securities, and growth in its loan book.

It was observed that net interest income jumped by 135 per cent to N1.7 trillion from N736 billion in 2023, reinforcing the bank’s strong core banking performance and ability to grow earnings despite macroeconomic headwinds.

Also, non-interest income grew by 20 per cent to N1.1 trillion from N919 billion, with total assets expanding by 47 per cent to N30 trillion in the period under review from N20 trillion a year earlier, supported by a strong liquidity position and effective balance sheet management.

In addition, customer deposits surged by 45 per cent to N22 trillion from N15 trillion, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits.

The increase in retail deposits was buoyed by customer acquisition and the company’s strategic focus on low-cost funding.

In the year, Return on Average Equity (ROAE) declined to 32.5 per cent on the back of the injection of new capital, while Return on Average Assets (ROAA) remained unchanged at 4.1 per cent.

Zenith Bank’s cost-to-income increased slightly to 38.9 per cent from 36.1 per cent despite inflationary pressures, while the Non-Performing Loan (NPL) ratio stood at 4.7 per cent, with a coverage ratio of 223 per cent, underscoring the bank’s prudent risk management and commitment to maintaining a resilient loan book, ensuring stability and confidence in its operations.

“This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders,” the chief executive of Zenith Bank, Ms Adaora Umeoji, stated.