Stanbic IBTC Holdings Shareholders Laud N45.35bn Dividend, 2022 Performance

The shareholders of Stanbic IBTC Holdings Plc, yesterday, commended the management’s N45.35 billion total dividend payout for the financial year ended December 31, 2022, expressing satisfaction with the group’s impressive performance in the year under review.

The group had paid to shareholders an interim dividend of N19.44 billion last year from N12.96 billion in the corresponding year and at the 11th Annual General Meeting (AGM) in Lagos, and the shareholders approved a final dividend of N25.91billion, the same amount for the second consecutive year.

This brings the total dividend in 2022 financial year to N45.35 billion as against N38.87 billion paid to shareholders in 2021 financial year.

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 the increase in total assets, driven by customers’ deposits and excellent indices reported in the 2022 financial year accounts.

He therefore 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.

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: “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.