• Saturday, June 22, 2024
businessday logo


Shareholders still commending Stanbic IBTC on dividend pay-out

Stanbic IBTC unveils fintech subsidiary

Shareholders of Stanbic IBTC Holdings PLC are still lauding the Group for their last dividend payout of 360 kobo per share for the financial year ended 31 December 2020, as well as the bonus shares of one for every six ordinary shares, approved at the last Annual General Meeting held in May 2021.

Some of the shareholders who expressed their appreciation to Stanbic IBTC said that they were glad that despite all the socio-economic challenges of 2020, the Stanbic IBTC Group continued to keep many Nigerians in paid employment and continued to invest in communities within Nigeria via various Corporate Social Investment projects. “Indeed, the Stanbic IBTC Group deserves a lot of commendation” said Tunji Bamidele, one of the Company’s shareholders.

The last audited results showed that Stanbic IBTC posted gross earnings of N234.446 billion against N233.808 billion in 2019. Stanbic IBTC ‘s deposits to customers improved from N819.944 billion to N637.840 billion, while loans and advances improved from N532.124 billion to N625.139 billion.

Based on the results, the board recommended a final dividend of 360 kobo in addition to a bonus of one new share for every six ordinary shares already held. The shares of Stanbic IBTC jumped 9.9 per cent from N44.05 to N48.45 as investors reacted positively to the results and dividend declaration.

Read also: First Bank grows half-year profit by most in 6yrs

Analysts at FSDH Merchant Bank Research had said the 6.6 per cent increase in total income to N198.9 billion recorded by Stanbic IBTC was primarily driven by a 14.7 per cent jump in non-interest revenue N124.7 billion.

Non-interest revenue ascended 14.7 per cent, powered by a 43.4 per cent increase in trading income to N52.1.

Tunde Bamidele, a shareholder, expressed gratitude to the Board and Management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year: and the subsequent 360 kobo dividend and allotment of bonus shares.

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 COVID-19 pandemic, the company declared a dividend of 360 kobo, which is impressive compared to other players in the financial industry. I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust.”

Stanbic IBTC remains one of Nigeria’s foremost financial institutions. The financial institution’s Chief Executive, Dr Demola Sogunle, has pledged the organisation’s commitment to put in more efforts towards satisfying the company’s customers, clients, and shareholders.