Stanbic IBTC Holdings shareholders laud N2 dividend payout despite challenges
By Philemon Adedeji
The shareholders of Stanbic IBTC Holdings Plc on Thursday commended the management’s N2.00 final dividend payout for financial year ended December 31, 2022 amid macroeconomic challenges in the banking sector.
The group in mid-year of 2022 paid shareholders interim dividend of N1.50 per ordinary 50kobo share.
It means the Group paid shareholders interim dividend of N19.44 billion last year from N12.96 billion in corresponding year and at the 11th Annual General Meeting (AGM) in Lagos, the shareholders approved final dividend of N25.91billion, the same amount for the second consecutive year.
This brings total dividend in 2022 financial year to N45.35 billion as against N38.87 billion paid to shareholders in 2021 financial year.
The Group’s gross earnings increased by 39.15 per cent to N287.54 billion, Profit Before Tax increased by 52.04 per cent to N100.35 billion and Profit After Tax increased by 41.86 per cent to N80.8 billion by for the year ended December 31, 2022.
Speaking earlier to shareholders, the Chairman of Stanbic IBTC Holdings, Mr. Basil Omiyi said, “the competitive position, good risk profile, healthy funding and liquidity standing of our Group were strong indications that our business models and plans were solid.
“Despite the very challenging macroeconomic conditions, our growth in 2022 reflected that our continuous investments in technology, workforce, and new capabilities were rewarding.”
He added that, “The board is confident that the Executive management will achieve significant milestones in 2023 as the journey to transform the organization into a platform business continues.”
The Chief Executive Officer, Stanbic IBTC Holdings, Dr. Demola Sogunle, said the Group achieved record breaking financial performances, setting new high watermarks in key financial indicators.
According to him, “As part of our efforts to become the foremost platform business and financial institution in Nigeria, we have invested in modern technological applications and expanded our portfolio of services.
“To ensure that our financial solutions are convenient and fit for our customers purpose, we continued to expand our digital capabilities and provided customised financial solutions.”
Sogunle added that, “As we move into 2023, we have ample opportunities to on-board new customers, offer new and exciting products and services, and stimulate deeper and more timely engagements with our customers than before.
“We are confident that our investments to build a platform-based business would yield the desired results.”
Speaking at the Group’s AGM in Lagos, a shareholder, Mr. Patrick Ajuda commended impressive 2022 performance despite local and foreign challenges, stressing on the 40 per cent increase in gross earnings and dividend payout.
He also acknowledged increase in total assets, driven by customers deposit and excellent indices reported in the 2022 financial year accounts.
He called on the management to reward shareholders with robust dividend, stating that the Group’s basic earnings per ordinary share has appreciated to N6.03 per share from N4.20 per share, giving room for increase in dividend payout.
