New Telegraph

GTBank reports N201bn PAT in FY’20

…declares N2.70K dividend

Guaranty Bank Trust (GTBank) Plc has posted a profit after tax of N201.439 billion for the full year ended December 31, 2020 in contrast to N196.382 billion posted in 2019, accounting for a growth of 2.57 per cent. This is contained in the bank’s unaudited financial result released by the Nigerian Stock Exchange (NSE) in Lagos.

Profit before tax stood at N238.095 billion, representing a growth of 2.76 per cent over N231.707billion recorded in the corresponding period of September 2019. Gross earnings grew by 4.58 per cent to N455.229 billion in 2020 from N435.306 billion in 2019 During the 2020 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, 2020. Withholding tax was deducted at the time of payment.

There was no income tax consequence on the bank as a result of the dividend pay-out, as the bank 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 share of 50 Kobo (bringing the total dividend for the financial year ended December 31, 2020 to N3.00k (2019: N2.80K per share). Withholding tax would be deducted at the point of payment. The bank posted a profit after tax of N142.283 billion for the nine months ended September 30, 2020 in contrast to N146.989 billion posted in 2019, accounting for a marginal drop of 3.20 per cent.

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