Connect with us


Stanbic IBTC Grows Profit to N83.2bn, Offers Dividend, Bonus Shares




One of the financial institutions operating in Nigeria that is highly trusted by foreign investors, Stanbic IBTC Holdings Plc, has released its results for the 2020 accounting year.

In the period under review, the lender grew its gross earnings to N234.5 billion from N233.8 billion. However, the interest income reduced to N105.8 billion from N120.4 billion, while the interest expense was down to N31.6 billion from N42.6 billion.

Business Post observed that the decline in the interest income in the period under consideration was due to lower interest on loans and advances to banks, interest on loans and advances to customers and interest on investments.

At the close of business on December 31, 2020, Stanbic IBTC had a net interest income of N74.2 billion in contrast to N77.8 billion in 2019. However, its non-interest revenue rose to N124.7 billion from N108.8 billion.

The fee and commission revenue was slightly up to N75.2 billion from N75.0 billion, while the fee and commission expense reduced to N4.0 billion from N4.6 billion, with the net fee and commission income at N71.2 billion as against N70.4 billion in 2019.

Stanbic IBTC said in the reporting year, it had a trading revenue of N52.1 billion, higher than N36.3 billion a year earlier, while the other income went down to N1.4 billion from N2.0 billion.

The company said staff costs gulped N42.1 billion in 2020 compared with N40.6 billion in 2019, while N52.1 billion was used for other operating expenses versus N53.4 billion in 2019.

With N94.3 billion expended on operating costs in the year, marginally higher than N94.0 billion in 2019 and an income after credit impairment charges of N189.0 billion last year in contrast to N185.0 billion a year earlier, the lender was left with a profit before tax of N94.7 billion as against N90.9 billion in 2019.

After the payment of N11.5 billion as income tax for the year, lower than N15.9 billion paid in 2019, the organisation was left with a net profit of N83.2 billion, higher than N75.0 billion of the preceding year.

Meanwhile, the board of Stanbic IBTC has recommended the payment of a final dividend of N40.0 billion, representing N3.60 for each of the company’s shares with shareholders.

The amount would be paid to shareholders whose names appear on the register of members as at the close of business on Wednesday, April 7, 2021.

Also, the firm is proposing the issuance of bonus shares to investors on the basis of one new ordinary share for every six existing ordinary shares held by them as at the close of business on Thursday, June 10, 2021, though subject to shareholders and regulatory approvals.

On Thursday, May 27, 2021, the Annual General Meeting (AGM) of the company will take place at the IBTC Place on Walter Carrington Crescent, Victoria Island, Lagos, at 10.00am, while on Friday, May 28, 2021, the dividends will be paid electronically to shareholders who have completed the e-dividend registration and mandated the registrar, First Registrars & Investor Services Limited, to pay their dividends directly into their bank accounts.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2020 Ebony Media Gist

Enjoy this blog? Please spread the word :)