Guaranty Trust Holding Company (GTCO) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with a prayer and a minute of silence for a late board member, followed by a welcome to shareholders, regulators, auditors, and consultants, and an introduction of the board and key officers.

• The agenda included receiving audited financial statements, declaring dividends, authorizing auditor remuneration, disclosing manager remuneration, electing the Statutory Audit Committee, approving related party transactions, and fixing non-executive director remuneration.

Financial performance review

• Gross earnings grew by 81% to NGN 2.14 trillion, with a 12.3% increase in the loan book and significant growth in total assets and shareholders' funds.

• Cost-to-income ratio improved to 24.20% from 39.49% in 2023, reflecting strong cost management.

• NPLs reduced to 5.2%, with stage two loans down to 2.6% from 16.3%, indicating improved asset quality.

• Net interest margin stood at 10.8%, and capital adequacy ratio reached 39.6%.

• Subsidiaries in funds management, pensions, and payments contributed to group profitability, with non-banking subsidiaries approaching 2% of group earnings in three years.

Board and executive committee updates

• The board and committees were evaluated as effective and compliant with governance codes, with recommendations for continued improvement.

• The Chairman announced his retirement effective May 2025, introducing Mr. Suleiman Barau as the incoming Chairman, pending regulatory approval.