The recent release of Access Holdings Plc audited financial statement for year 2023 where the holding company stated its intension to pay final dividend has again made more investors pondering the next banks in line for dividend declaration.
Ahead of more banks releasing their full year scorecards, the market has continued to see both local and foreign interest in banking stocks.
Stocks of the traditional dividend paying banks – the tier-1 lender like Access Holdings, Zenith Bank, UBA, GTCO, FBN Holdings and that of few tier-2 banks like Fidelity Bank, FCMB Group, have recently accounted for reasonable percentage of traded volume of stocks on the Nigerian Bourse.
“The banks are among the most active and liquid companies trading on the Nigeria stock market. Therefore, it’s difficult to construct any portfolio containing local assets without factoring in the banks,” said an investment management and finance expert, Abdulrauf Bello in his “X” handle (formerly twitter).
Zenith Bank
Zenith Bank said recently that following its December 29, 2023 announcement that its board of directors met on Wednesday January 31, considered and approved the group audited consolidated and separate financial statements for the year ended December 31, 2023.
The bank’s board of directors also considered the payment of final dividend, which is subject to the approval of the Central Bank of Nigeria. Zenith Bank, which traded at N44 per share on March 27 had reached a 52-week high of N47.35 against 52-week low of N21.7. Zenith Bank is expected to pay dividend for the year 2023.
FCMB Group
At the board meeting of FCMB Group last month, the board approved the group’s audited financial statement for the year ended December 31, 2023 as well as payment of dividend, subject to the approval of the Central Bank of Nigeria (CBN). FCMB Group Plc had in January 2024 released its unaudited annual report and financial statements for the year ended December 31, 2023. Details of the results and the dividend payments, as well as the related corporate actions will be made public upon obtaining the CBN approval. FCMB Group had traded at a 52-week high of N12.45, after reaching a corresponding 52-week low of N3.45.
United Bank for Africa
Following its announcement on December 29, 2023, the Board of Directors of United Bank for Africa Plc (UBA Plc) met on Thursday, January 25, 2024, considered and approved the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2023.
The Board also considered payment of a final dividend, subject to the approval of the Central Bank of Nigeria. The investing public would be immediately notified upon approval of UBA group audited consolidated & separate financial statements for the year ended December 31, 2023 by the Central Bank of Nigeria. So, UBA will be paying dividend as well. The share price of UBA had reached a 52-week high of N34 per share as against 52-week low of N7.7.
Fidelity Bank
The board of directors of the bank met on March 11, considered and approved the audited financial statement for the year ended December 31, 2023.
Upon receipt of the approval of the Central Bank of Nigeria (CBN), the results will be published on the trading floor of the exchange.
All insiders of the bank and their connected persons have been remined that the earlier closed period for dealing in the bank shares is still in effect until 24 hours after the publication of the bank’s results on the NGX. Fidelity Bank is expected to pay dividend. Also, the share price of Fidelity Bank had reached 52-week high of N14.4 as against corresponding week’s low of N5.01.
GTCO
The Board of Directors of GTCO met on January 30 to consider the audited financial statement of the bank for year ended December 31, 2023. Issues relating to full year dividend were also disclosed at the meeting. In compliance with the NGX-post listing requirements, the closed period for trading in the shares by insiders commenced on January 1 till 24 hours after the announcement of the results. After approval by the CBN, GTCO results will be released on the floor of the Exchange. Expectedly, GTCO will pay dividend. Its share price has reached a 52-week high of N52.5 from a corresponding week’s low of N22.05.
FBN Holdings
The board of directors of FBN Holdings met on January 30 to consider the company’s financial scorecards for the year ended December 31, 2023. The company’s ongoing closed period continues till the 2023 audited financial statements are filed at the NGX. FBN Holdings is a traditional dividend paying financial institution.
Expectedly this will repeat when the CBN-approved full year 2023 audited results of FBN Holdings will be released to the investing public. The stock had rallied to a 52-week high of N43.95 as against a 52-week low of N10.3.
Stanbic IBTC Holdings
Stanbic IBTC Holdings Plc commenced its closed period from December 1, 2023 and the closed period continues until the full year 2023 Audited Financial Statements of the Company are released. The company has advised all insiders of the Company (embargoed individuals) that they are prohibited from trading in the shares of the Company during the closed period. The meeting of the Board of Directors of the Company held on Friday February 2, 2024. The meeting discussed amongst other items, the Company’s Consolidated and Separate Audited Financial Statements for the year ending 31 December 2023 as well as a proposed dividend. Traditionally, Stanbic IBTC Holdings will pay dividend. The share price of Stanbic IBTC Holdings had reached a 52-week high of N83.05 as against a 52-week low of N34.5.
Sterling Financial Holdings Company Plc
Recently, the Board of Directors of Sterling Financial Holdings Company Plc (the Holdco) held their meeting to consider the Holdco’s Audited Financial Statements for the year ended December 31, 2023. The meeting held in Lagos Nigeria on Wednesday February 28 also discussed issues relating to dividend, date, and venue of the Annual General Meeting. The Holdco has since declared a closed period for trading in its shares from January 1 until 24 hours after the audited financial statement is released on the floor of the NGX. Sterling Financial Holdings Company Plc will pay dividend. Its share price had reached a 52-week high of N8.2 as against a 52-week low of N1.43.
