Stanbic IBTC Holdings Plc, a member of Standard Bank Group, held its 10th Annual General Meeting (AGM) on Thursday May 26, 2022 to receive the company’s audited financial statements for the 2021 financial year, amongst other resolutions.
The highlight of the AGM was the declaration of a dividend of 200 kobo per ordinary share to shareholders as recommended by the Board of Directors.
Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, described increased loan volumes and total assets among factors which boosted the Group’s financial performance for the 2021 fiscal year.
He said: “We attained a record high of N946.3billion (N665.3billion in December 2020) on our gross loans, as we prudently grew loan volumes by 44 percent. This further stabilised our earning capabilities for the foreseeable future, as we continued to manage risk asset quality of our loan book and implement a favourable strategy for all our stakeholders. Our total assets increased by 10 per cent to N2.7trillion as against December 2020, which was N2.5trillion, while our customer deposits grew from N819.9billion to N1.1trillion, a 37 percent increase.”
Honourable Kola Alaga, a shareholder, appreciated the Board and Management of Stanbic IBTC Holdings for the dedication, hard work and commitment in regularly disbursing the dividends.
He said: “I would like to express my gratitude to the Board of Directors, Management and members of Staff of Stanbic IBTC for a job well done. Despite the economic downturn, the company declared a dividend of 200 kobo which is very impressive compared to other players in the financial industry.”
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Barend Kruger, Nkemdilim Uwaje Begho, and Lilian Ifeoma Esiri, all members of the board, were also re-elected as Non-Executive Directors.
Other resolutions which were ratified at the 10th AGM included the continuation of the services of PricewaterhouseCoopers as the external auditors for the Group and the cancellation of unissued shares.
Basil Omiyi, Chairman of Stanbic IBTC Holdings Plc, commended the Group’s Management for the impressive result despite operating in a challenging environment. He said: “We offer our thanks to our very efficient team, who have delivered impressive results and we have once again proved our pedigree in establishing exceptional financial solutions, as several entities across the Group bagged various awards during the year.”
“The Board of Directors is pleased with what the Management has been doing. We appreciate our Chief Executive for keeping a steady hand on the tiller even through this difficult time and we appreciate the executive management team for their remarkable leadership and for going above and beyond to meet our customers’ needs,” he added.
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