The shareholders of Stanbic IBTC Holdings Plc have approved the Group’s N5.02 billion final dividend for the financial year ended December 31, 2017.
They made this approval at the Stanbic IBTC Holdings’ 2017 Annual General Meeting (AGM) yesterday in Lagos.
The final dividend represents 50 kobo per share, the company early paid an interim dividend of 60 kobo per share, making the total dividend for 2017 to be N1.10 or N11.05 billion.
The shareholders also lauded the bank for the improved performance recorded during the year under review and adherence to corporate governance principles.
Specifically, the president of Pragmatic Shareholders Association of Nigeria (PSAN), Mrs Bisi Bakare, commended the management for the impressive performance and efficient running of the company, amid harsh economic environment.
She, however urged the bank to ensure consistency in dividend policy to increase shareholders’ value on investment
Reviewing the Group’s performance to shareholders, the chairman of the stanbic IBTC Holdings, Basil Omiyi, explained that the bank recorded 36 per cent rise in gross earnings to N212.4 billion from N156.4 billion achieved in the corresponding period in 2016.
He stated that similarly, the bank’s profit- after- tax stood at N48.4 billion, representing a growth of 70 per cent over N28.5 billion recorded in 2016, while total assets increased to N1.386.4 trillion, a 32 per cent boost compared to the N1.053.5 trillion recorded in December 2016.
He said the growth in the balance sheet size was driven mainly by customer deposits, which recorded a growth of 34 per cent to N753.6 billion in 2017 from N561.0 billion in 2016.
Omiyi added that the bank’s liquidity ratio also increased to 102.3 per cent, which was above the regulatory minimum requirement of 30 per cent and indicates the Group’s sound position to continue meeting its liquidity obligations in a timely manner.
Also, the chief executive of the company, Yinka Sanni, said the improved performance was evidence of the positive outcome of the Group’s strategy of growing the client base across target and key market segments while maintaining a principled credit process.
“The Group reported its best profitability results since inception. We achieved a 70 per cent growth in profit – after-tax amid healthy capital and liquidity levels. Our balance sheet grew by 32 per cent to N1.39 trillion and this was funded mainly by customer deposit growth of 34 per cent,” Sanni stated.
He noted that the various business divisions achieved strong operating results as well as retained market leadership across the various businesses such as global markets, investment banking, pension, stockbroking, asset management, and custodial services, with several accolades received during the year.
“Furthermore, Fitch retained our AAA national ratings, which reaffirms our strong fundamentals, stability, credit worthiness and low relative risk in the Nigerian financial markets,” he added.
Going forward, Sanni said the Group remains optimistic that it would sustain the improved financial performance in 2018 and beyond.
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