Stanbic IBTC reports 78% growth in PAT, declares N10.1bn as interim dividend
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Stanbic IBTC Holdings Plc.’s consolidated financial statements as at June 30, 2018, shows profit after tax (PAT) grew by 78 percent to N43.1 billion as against N24.1 billion reported in the same period of 2017
The results released to the Nigerian Stock Exchange on Thursday show gross earnings rose 17.5 percent from N97.2 billion in 2017 to N114.2 billion in 2018.
Profit before tax likewise grew by 72 percent from N29.2 billion in 2017 to N50.7 billion in 2018.
The banking group’s shareholders funds stood at N41.8 billion as against N23 billion reported in the previous year.
Stanbic IBTC thus proposed an interim dividend of N1.00k per ordinary share of 50 kobo each, which amounts to N10,113,674,444.00, subject to deduction of appropriate withholding tax and regulatory approval.
The Bank noted that the interim dividend upon approval will be paid to shareholders whose names appear in the register of members as at the close of business on Tuesday 28 August 2018.
The share price for Stanbic IBTC Holdings, however, closed flat at N50 in Thursday’s trading on the Nigerian Stock Exchange.