GTBank declares N2.50 final dividend

Guaranty Trust Bank Plc has declared a final dividend of N2.50 per ordinary share of 50 kobo, subject to applicable withholding tax and shareholder approval.

It is expected to be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday, March 18, 2020.

The dividend will on Monday, March 30, 2020, be paid electronically to shareholders whose names appear on the Register of Members as at Wednesday, March 18, 2020, and to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

While the Register of Shareholders will be closed on Thursday, March 19, 2020, Qualification date has been scheduled for Wednesday, March 18, 2020.

A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

Distribution to shareholders may be in cash (usually a deposit into their bank accounts) or the issuance of further shares, otherwise known as shares repurchase. But this is usually done if the company has a dividend reinvestment plan.

Recall that lender recorded a 6.5% profit increase in its audited full-year 2019 financial statement.