New Telegraph - Recommends final dividend of N2.70k
Guaranty Trust Holding Company (GTCO) Plc has released its audited financial results for the full year ended December 31, 2021, to the Nigerian and London Stock Exchanges. A review of the results shows a decent performance across key financial metrics against the challenging business environment.
The Group reported profit before tax of N221.497 billion, representing a dip of 6.97 per cent compared to N238.095 billion recorded in the corresponding period of June 2020. Profit after tax was N174.839 billion for the 12 months in contrast to N201.439 billion posted in 2020, accounting for a drop of 13.20 per cent.
The group’s gross earnings stood at N447,810 billion against N455.229 billion recorded in the corresponding period of December 2020.
During the 2021 financial year, the directors declared and paid an interim dividend of 30 Kobo per ordinary share on the issued capital of 29,431,179,224 ordinary shares of 50 Kobo each, for the half-year period ended June 30, 2021. Withholding tax was deducted at the time of payment.
There was no income tax consequence on the Company as a result of the dividend pay-out, as the company is only required to deduct this tax at source on behalf of tax authorities in Nigeria.
The tax so withheld represents advance payment of income tax by the recipient shareholders. The directors recommend the payment of a final dividend of N2.70k per ordinary shar of 50 Kobo (bringing the total dividend for the financial year ended December 31, 2021 to N3.00k. Withholding tax would be deducted at the point of payment.
GTCO has posted a profit before tax of N151.907 billion for the nine months ended September 30, 2021 in contrast to N167.351 billion posted in 2020, accounting for a drop of nine per cent.
This is contained in the bank’s unaudited financial result released by the Nigerian Exchange Limited (NGX) in Lagos. Profit after tax was N129.400 billion for the nine months in contrast to N142.283 billion posted in 2020, accounting for a drop of nine per cent.
The group’s net interest income stood at N162.942 billion against N189.736 billion recorded in the corresponding period of September 2020. GTCO posted a profit before tax of N93.056 billion for the half year ended June 30, 2021 in contrast to N109.713 billion posted in 2020, accounting for a drop of 15.18 per cent.
