Dipo Olowookere
By Dipo Olowookere
The Managing Director/Chief Executive Officer of Guaranty Trust Bank (GTBank) Plc, Mr Segun Agbaje, has been described as a blessing to the financial institution, shareholders and stakeholders.
This year, Mr Agbaje would have been in the position for 10 years and within the period, he has made GTBank stronger in the banking industry.
Over the weekend, the bank held its Annual General Meeting (AGM) in Lagos and at the gathering, shareholders unanimously approved the payment of a total dividend of N3.00 per share for the financial year ended December 31, 2020.
The lender had proposed a final dividend of N2.70 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo earlier paid in June 2020.
GTBank, according to the results presented to shareholders at the AGM, recorded an increase in all performance indicators despite the challenging operating environment that prevailed in 2020.
One of the shareholders who spoke at the event held in compliance with COVID-19 protocols of the federal government, Mr Tunji Bamidele, commended the bank’s board and management for sustaining profit and dividend payment in spite of the harsh and challenging economy experienced in the year 2020 as a result of the pandemic that challenged the world.
Mr Bamidele also applauded the leadership acumen and dexterity of Mr Agbaje, noting that his steering of the bank in the past 10 years has been a blessing to shareholders and the bank’s well-meaning stakeholders.
In his comments, Mr Agbaje said the year 2020 was arguably the most challenging year that the world has faced in decades and that in such unprecedented times, the bank has been at the forefront of safeguarding lives and livelihood across the communities where it operates.
“We continue to receive positive and goodwill messages for the role we played at the height of the pandemic; especially for putting together very timely, a 110-bed Isolation Centre, with an intensive care unit, in partnership with the Lagos State Government,” he said, citing the bank’s Excellence in Leadership in Africa Award which was specially created by the renowned Euromoney Magazine to spotlight private institutions at the forefront of tackling the pandemic.
Mr Agbaje also spoke about GTBank’s solid performance in a very challenging year and his confidence in the organization’s ability to keep delivering for all its stakeholders.
“The strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year,” he stated.
“Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital and we see it opening new and exciting opportunities for empowering people and uplifting our communities.
“With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned,” he added.
GTBank is one of Africa’s most profitable financial institutions. In 2020, it reported a pre-tax profit of N238.1 billion, 2.8 per cent higher than N231.7 billion recorded in the corresponding year ended December 2019.
The bank also continues to post the best metrics in the Nigerian banking industry in terms of key financial ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8 per cent, Post-Tax Return on Assets (ROAA) of 4.6 per cent, Full Impact Capital Adequacy Ratio (CAR) of 21.9 per cent and Cost to Income ratio of 38.2 per cent.
