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Nigeria’s leading financial institution, Guaranty Trust Bank Plc. has appointed Mrs. Osaretin Demuren as the new chairman of the bank following the retirement of Mr. Gilbert Imomoh. Mrs. Demuren joined the board of the GT Bank in 2013 after a successful career with the Central Bank of Nigeria spanning over 33 years and was the first female director of the CBN. She served as the Director, Trade and Exchange Department and was deployed to serve as the Director, Human Resources Department in 2004, a position which she held until her retirement from the Central Bank of Nigeria in December 2009. Demuren holds a Master’s Degree in Economics and Statistics from the Moscow Institute of Economics and Statistics, Moscow, and a Diploma in Russian Language and Preliminary Studies from the Kiev State University, Kiev. Meanwhile, at the 25th Annual General Meeting (AGM) in Lagos, shareholders of the bank commended the performance of the bank in 2014 despite the challenging environment. The shareholders also approved the N1.75 dividend per share recommended for the year ended December 31, 2014. The outgoing Chairman, Imomoh stated that profit before tax increased from N107.09 billion in 2013 to N116.39 billion in 2014, while total assets stood at N2.36 trillion – representing a 12 per cent increase over the N2.1 trillion recorded in the previous year. He explained that GT Bank’s customers’ deposits which could be viewed as a direct index of public confidence, grew by 13.3 per cent from N1.43 trillion in 2013 to N1.62 trillion in 2014. Speaking on value creation for shareholders, the Managing Director/CEO of GT Bank, Mr Segun Agbaje explained “we recorded earnings per share of N3.47,  pre-tax return on average equity (ROAE) of 32.94 per cent, and return on average asset (ROAA) of 5.22 per cent respectively” he was quoted in a statement.    

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This article was first published on 3rd April 2015

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