Business
GTBank Posts N86.6bn Profit In 2012
Guaranty Trust Bank Plc (GTBank) on Tuesday increased its dividend payout for year 2012 by 18.18 percent by proposing a N1.30 dividend to shareholders of the Bank for the Audited Year End December 31 2012.
The Bank in its Corporate Actions to the Nigerian Stock Exchange (NSE) released in Lagosa paid a N1.10 dividend in 2011 end compared to the proposed N1.30; indicating an increase in dividend payout of 18.18 percent.
GTBank affirmed that Closure Date of Register of investors whose name appears on the Bank’s record is April 11 2013; while Annual General Meeting (AGM) and payment date has been scheduled for April 25 2013 respectively.
GTBank initially declared 25kobo interim which makes total dividend of N1.55k for 2012FY.
According to Market Analysts, N1.30 proposed final dividend plus 25kobo interim translates to 5.65 percent yield at current Market Price.
“Going by the 5.17 percent Price Gain, Market reaction was positive at the time of announcement,” analysts said.
GTbank has gained 19.35 percent year-to-date, relative to the 21.48 percent appreciation by the sector.
GTbank has gained 19.35 percent year-to-date, relative to the 21.48 percent appreciation by the sector.
A review of the Audited Report for the period ended December 31 2012 shows that Profit After Tax (PAT) rose by 81.3 percent as the Bank posted N86.686 billion in 2012 end compared to N47.803 billion recorded in year 2011 end.
Also, Profit Before Tax (PBT) grew from N62.080 billion in year 2011 end compared to N103.027 billion in the review period of year 2012; indicating a growth of 66 percent.
Similarly, Gross Earnings increased from N182.408 billion in year 2011 end to N221.940 billion in the review period of year 2012; representing an increase of 21.7 percent.Source: thegazellenews.com
