GTCO’s $134.4 million dividend announcement reaffirms its elite status as a top-tier wealth creator and financial powerhouse under Segun Agbaje’s leadership.
Guaranty Trust Holding Company Plc (GTCO), the Lagos-based financial services giant chaired by Nigeria’s most influential banker Segun Agbaje, has posted record-breaking results for the 2024 fiscal year—cementing its position among Africa’s most profitable lenders.
GTCO reported a profit after tax of N1.017 trillion ($661.3 million), up from N539.6 billion ($350.8 million) in 2023—marking the first time the group has crossed the N1 trillion profit milestone in its history.
As a result of this stellar performance, the board of directors has proposed a final dividend of N7.03 ($0.00457) per share, bringing the total dividend payout for 2024 to N8.03 ($0.0052) per share—translating to a historic N206.9 billion ($134.4 million). This represents the largest dividend ever declared by a Nigerian bank, surpassing even Zenith Bank’s proposed N5 per share for 2024.
A milestone year for GTCO
The 2024 financial year marked a significant leap in nearly every key financial metric for GTCO. According to its audited financial statements published on the Nigerian Exchange and Proshare, the group’s gross earnings rose by 120.6%, climbing from N864.2 billion in 2023 to N1.906 trillion in 2024.
The group’s net interest income surged by 176.3%, increasing from N333.74 billion ($217 million) in 2023 to N921.9 billion ($600 million) in 2024. Net fee and commission income also rose to N189.7 billion ($123.3 million), while unrealized fair value gains on financial instruments contributed N517.5 billion ($336.4 million)—a significant windfall for the group.
Pre-tax profit stood at N1.2 trillion, with a return on average equity (ROAE) of 54.2%—making GTCO one of the highest-return banks on shareholder equity across Africa.
Agbaje’s leadership and shareholder confidence
GTCO’s Group CEO, Segun Agbaje, who owns 41.62 million shares, remains a key figure behind the group’s transformation from a traditional bank to a diversified financial holding company with interests across banking, asset management, pensions, and payments.
Under his leadership, GTCO has sustained long-term shareholder value creation, with total equity rising from N1.47 trillion ($955.6 million) in 2023 to N2.71 trillion ($1.76 billion) in 2024. Retained earnings surged from N580 billion to N1.319 trillion, highlighting the group’s reinvestment capacity and future growth runway.
Agbaje is set to step down as group CEO in 2025, but he leaves behind a legacy of bold expansions, technology-driven efficiency, and unrivaled profitability.
Balance sheet strength and capital adequacy
GTCO’s total assets grew by 52.9%, reaching N14.8 trillion ($9.62 billion) in 2024, compared to N9.69 trillion in 2023. This was driven by a significant 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).
Despite liabilities rising from N8.21 trillion ($5.33 billion) to N12.08 trillion ($7.85 billion), the group maintained a capital adequacy ratio of 21.9%, well above the regulatory minimum.
Its non-performing loan (NPL) ratio also improved from 5.2% to 4.2%, while cost-to-income ratio (CIR) fell to an industry-low 28.1%, further cementing GTCO’s reputation for operational efficiency.
Richlist insight: GTCO among Africa’s elite
With over 28 million customers and operations in Nigeria, Ghana, Kenya, Uganda, Rwanda, Côte d’Ivoire, the UK, and recently Tanzania, GTCO continues to rank among the continent’s top banking brands. It’s one of only three Nigerian banks with over N1 trillion in profit and over N200 billion in annual dividends.
For high-net-worth investors and fund managers, GTCO’s stock has become one of the most attractive on the Nigerian Exchange, with a dividend yield of over 15% as of Q1 2025—fueled by consistent earnings, strong capital returns, and best-in-class corporate governance.
