Stanbic IBTC Holdings increases profit by 51%, proposes 5kobo/share dividend

Stanbic IBTC Holdings, irrespective of sector headwinds in 2016, delivered its audited financial result for the period ended December 31, 2016, posting real growth in key measuring indices and rewarding investors with dividend.

The result released to the Nigerian Stock Exchange (NSE) indicated that the company’s Profit for the year 2016 hinged higher by 51 per cent at N28.52 billion, from N18.89 billion in 2015.

The group’s gross earnings for the financial year closed the year with 11.7 per cent increase at N156.43 billion, against N140.03 billion recorded in 2015, while Income tax N8.69 billion was affected in 2016, over N4.76 billion in 2015.

The bank has also informed its shareholders of a proposed final dividend of five kobo per share, having paid interim dividend in 2016.

The result further showed Profit before tax of N37.21 billion for the group, against N23.65 IN 2015, representing an increase of 57.3 per cent.

The result published by the NSE further showed that Net interest income for the group in 2016 was N57.86 billon against N43.86 in 2015, Interest income for the year was N87.47 billion from N82.69 billion

Interest expense for the group stood at N29.61 billion from N38.83 billion in 2015, interest expenses for the company in 2015 was N97 billion.

Operating expenses for the group in 2016 rose to N69.04 billion from N62.66 billion in 2015, the company posted N930 million operating expenses in 2016, from N1, 088 billion.