Stanbic IBTC to pay N4.2bn interim dividend

The board of Stanbic IBTC Holdings Plc, has offered an interim dividend of N4.2 billion or 40 kobo per share.

According to the company’s financial result for the half year ended June 30, 2020, submitted to the Nigerian Stock Exchange (NSE), the interim dividend is from the N4.19 Earnings Per Share (EPS)

The bank noted that payment will be done electronically on Wednesday, September 30, 2020, to the bank accounts of those shareholders on the register as of September 15, which will be closed between Wednesday, September 16 and 23, 2020.

The bank Holdings Plc declared a Profit After Tax (PAT) of N45.2 billion in the first half of 2020 as against N36.2 billion posted in the same period in 2019.

It recorded 17.4 per cent increase in Profit Before Tax from N44.65 billion to N52.41 billion while the Net Assets grew by 11.3 per cent from N302.23 billion recorded as at December 2019 to N336.52 billion.

The company made Gross earnings of N126.57 billion, a 7.8 per cent increase when compared to N117.37 billion recorded in the corresponding period of 2019.

The increase in its gross earnings is attributable to its improved performance in non-Interest income which increased from N54.85 billion to approximately N69.80 billion indicating a 27.24 per cent increase, while both its Income Before Impairment Charges and Income After Impairment Charges also appreciated by 14.0 er cent and 6.57 per cent Year-on-Year, respectively.

The effect of the increase in non-interest income and impairment charges helped to neutralize the effect of the decline recorded in its Net Interest Income which decreased from N39.31 billion to N37.54 billion Year-on-Year indicating a 4.4 per cent decline. The year-on-year decline recorded in the Net Interest Income was due to lower returns recorded for interest on loans and advances to banks and interest on investment.

 

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