Stanbic IBTC Holdings Plc has paid N45.35 billion total dividends for the financial year ending December 31, 2022, about 17 per cent increase in N38.87 billion paid to shareholders in the 2021 financial year.
The group paid an interim dividend of N19.44 billion in 2022 from N12.96 billion in 2021 to shareholders, who approved a final dividend of N25.91 billion, the same amount for the second consecutive year at the 11th yearly general meeting held in Lagos.
The group’s gross earnings rose to N287.54 billion, from N206 billion recorded in 2021, representing 39.15 per cent growth.
Profit Before Tax rose to N100.35 billion, from N66 billion recorded in 2021, representing an increase of 52.04 per cent, while Profit After Tax (PAT) was up by 41.86 per cent to N80.8 billion as against N56.9 billion posted in the comparative period.
The Chief Executive Officer, Stanbic IBTC Holdings, Dr. Demola Sogunle, said the group achieved record-breaking financial performances, setting new high watermarks in key indicators.
He said the customers’ entrenchment programme across the overarching client segments such as the corporate and investment banking, business and commercial clients as well as the consumer and high net-worth clients played a significant role in the group’s financial success.
Sogunle said the group’s financial performance includes the sustained growth risk assets, which grew by 31 per cent to N1.2 trillion, assets under management and assets under custody that grew by 12 per cent and one per cent respectively.
He said the gross written premium by the group’s life insurance arm grew by nearly 200 per cent.
Sogunle noted that despite the challenging macroeconomic environment, the group maintained a strong level of liquidity and capital.
The Chairman of Stanbic IBTC Holdings, Basil Omiyi, said competitive position, good risk profile, healthy funding and liquidity standing, were strong indications that the group’s business models and plans were solid.
He said despite the very challenging macroeconomic conditions, the group’s growth in 2022 reflected that the group’s continuous investments in technology, workforce and new capabilities were rewarding.
Omiyi, however, added that the board is confident that the executive management will achieve significant milestones in 2023 as the journey to transform the organisation into a platform business continues.