• Thursday, July 25, 2024
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Stanbic IBTC to pay N19.5bn as interim dividend from N30.7bn half year profit

Stanbic IBTC to pay N28.50bn dividend as profit soars to N140.617bn

Stanbic IBTC Holdings Plc has announced its results for the half year (H1) ended June 30, 2022.

Its Gross Earnings of N133.84billion in the review H1 2022 as against N92.90billion in H1 2021 implies an increase by 44.08 percent.

Profit Before Tax (PBT) rose to N39.98billion from N24.71billion in corresponding H1 of 2021 implies 61.81percent increase.

Profit After Tax (PAT) of N30.67billion in H1’22 compared with N22.54billion in H1’21 implies 36.05percent increase.

The holding company proposed an interim dividend of 1.50 per ordinary share of 50 kobo each valued at about N19.435billion, subject to deduction of appropriate withholding tax and regulatory approval.

The interim dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday September 6, 2022.

Read also: Stanbic IBTC’s half-year profit slows to four-year low on interest income decline

The Register of Shareholders will be closed from Wednesday September 7 2022 to Wednesday September 14, 2022.

On Wednesday September 21, 2022, the interim dividends will be paid electronically to shareholders whose names appear on the Register of Members as at close of Trading on Tuesday September 6, 2022, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts While justifying their BUY rating for the stock, Meristem research analysts noted “impressive growth in the group’s key performance metrics and positive outlook for 2022FY.

“The company proposed an interim dividend of N1.50 per share, which represents a dividend yield of 5.36 percent from its closing price (N28) on August 23, 2022. The ticker’s present price is the lowest since August 2020 and presents a good entry point”, while also noting the company’s plan to launch a Fintech subsidiary in third quarter (Q3) 2022 to further boost end-to-end financial service offerings.