Guaranty Trust Holding Company (GTCO) investor relations material

Opening remarks and agenda

• The meeting was convened virtually with attendance from shareholders, regulatory authorities, auditors, and consultants, and the registers of shareholders and directors were made available for inspection in compliance with legal requirements.

• The agenda included receiving audited financial statements, declaring dividends, electing/re-electing directors, authorizing auditor remuneration, disclosing manager remuneration, electing audit committee members, and approving related party transaction mandates.

Financial performance review

• Gross earnings grew marginally by 0.09% to NGN 2.15 trillion, with interest income up 3.26% to NGN 1.653 trillion, while profit after tax declined by 14.4% to NGN 885.7 billion due to higher funding costs and tax obligations.

• The quality of earnings improved, enabling a record dividend payout despite the profit decline.

• The AMCON expense increased to NGN 50.8 billion, reflecting 0.5% of total assets, which grew by 20% year-on-year.

Board and executive committee updates

• New Independent Non-Executive Directors, Mr. Babatunde Soyoye and Mrs. Marie Namias, were elected, and Mr. Suleiman Barau and Mrs. Catherine Echeozo were re-elected.

• The Board and management were commended for discipline, execution, and strategic leadership, with a focus on four business pillars: banking, asset management, pensions, and payments.