Stanbic IBTC HY 2019 results mixed as top line increases 3%, bottom line dips 16%

Stanbic IBTC Holdings Plc has released its financial results for the half-year (HY) period ended June 30, 2019, declaring a 3 percent increase in gross earnings and a 16 percent decline in profit after tax.

The consolidated and separate interim financial statements were released to the investing public through the website of The Nigerian Stock Exchange (NSE) Wednesday August 28, 2019.

From the released results, the group’s gross earnings increased to N117.4 billion in half-year of 2019 against N114.2 billion in the corresponding period of 2018.

The net interest income of the bank however decreased 2 percent to N39.3 billion in the period under consideration from N40.2 billion in the corresponding of 2018.

Similarly, the profit before tax (PBT) dipped by 12 percent to N44.7 billion for the period ended June 30, 2019 compared with N50.7 billion in the same period of 2018.

Its profit after tax (PAT) stood lower at N36.2 billion in the period under consideration from a high of N43.1 billion a year ago.

Stanbic’s basic earnings per share (eps) thus dropped to 342 kobo compared with 416 kobo achieved in half-year 2018.

The company’s share price however remained unchanged at N35 at close of trading at the NSE.

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Interim Dividend

Shareholders of the company will share N10.241 billion declared as interim dividend by the board of directors of the bank. This dividend will amount to  N1.00 per ordinary share of 50 kobo each.

The dividend payout is exactly the same as the half year period of 2018 despite lower figures recorded in the bank’s bottom-line figures for this year’s first half.

According to the bank, the dividend is subject to deduction of appropriate withholding tax and regulatory approval.

It will be paid to shareholders whose names appear in the register of members as at the close of business on Wednesday, September 4, 2019.