The much-expected half-year 2023 interim dividend season received a boost as the banking conglomerate, Stanbic IBTC Holdings, announced that its board of directors has recommended a half-year interim dividend of N1.50 per share on every ordinary 50 kobo share to shareholders.
“An Interim Dividend of 1.50 (One Naira Fifty Kobo) per ordinary share of 50 kobo each, that is, =N=19,435,495,744.50, subject to deduction of appropriate withholding tax and regulatory approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday 12 September 2023,” Stanbic IBTC said in a note to the Nigerian Exchange Group (NGX).
Half-year gross earnings rose by 58.2 percent to N213.33 billion in June 2023 up from N134.87 billion as of June 2022. Net interest revenue increased by 56.6 percent to N98.62 billion in June compared to N62.96 billion in the comparable period in 2022.
The corporate and investment banking segment generated the highest net interest revenue of N52.41 billion in June 2023 as against N26.12 billion as of June 2022. Consumer and high net worth clients’ segment generated the second highest net interest revenue of N39.20 billion at half year 2023 compared to N33.11 billion in the comparable period in 2022.
The business and commercial segment generated N9.43 billion in half year 2023 with regard to N5.61 billion as of June 2022.
Profit after tax for the year followed the same trend as non-interest revenue. The financial group released a profit after tax of N67.92 billion in the half year 2023 as against N30.67 billion the group realised as of June 2022.
The group’s workforce increased by 2.6 percent to 3,085 consisting of 55 percent men and 45 percent men as of June 2023 while as of June 2022, there were 3,008 in its workforce with the same ratio.
“Stanbic IBTC Holdings Plc demonstrated strong financial performance in H1 2023 compared to H1 2022, with notable increases in key financial indicators such as profit, EPS, and market price. Despite a decline in certain margins, the company’s effective cost management, improved asset quality, and increased profitability contributed to its positive performance. The significant growth in total assets and liabilities suggests expansion and potential growth opportunities. Overall, the company appears to be on a positive trajectory in terms of both financial performance and market sentiment,” Futureview said in a note to investors.
Charitable donations to different organisations in six months amounted to N322.99 million almost at par with N322.33 million donated at half year 2022. However, the bulk of the donations went to Togethers4Alimb Prosthesis Fitting and Treatment which received N303.86 million, representing 94.1 percent of the total donations made by the financial group.
“On Wednesday 27 September 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at close of Trading on Tuesday 12 September 2023, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts,” the financial group said.
