Stanbic IBTC Holdings reports 11% increase in profit to N83.2bn

By Kayode Tokede

Stanbic IBTC Holdings Plc on Wednesday released its consolidated and seperate annual financial statements and auditor’s report for the year ended December 31, 2020 with group’s gross earnings increased by 0.27per cent to N234.446 billion.

The group’s profit before tax increased by 4.17per cent and profit after tax increased by 11 per cent to N83.211 billion compared with 2019.

Meanwhile, the directors’ recommended the approval of a final dividend of N39.98 billion translating to 360 kobo per share for the year ended December 31, 2020 compared with 200 kobo per share in 2019.

The company was incorporated in Nigeria under the Companies & Allied Matters Act (CAMA) as a public limited liability company on March 14, 2012. The company’s shares were listed on November 23, 2012 on the floor of The Nigerian Stock Exchange.

The company has nine direct subsidiaries, namely: Stanbic IBTC Bank PLC, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Insurance Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Insurance Brokers Limited and Stanbic IBTC Trustees Limited and two indirect subsidiaries, namely: Stanbic IBTC Bureau De Change Limited, Stanbic IBTC Nominees Limited.

The group discontinued the operation of Stanbic IBTC Bureau De Change Limited effective 1 January 2021. The discontinuation of operation of the BDC business was primary driven by changes in regulation, which now afford customers the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.