Stanbic IBTC reports N287.537bn earning in 2022, pays N25.91bn as final dividend

stanbic ibtc


Stanbic IBTC group has recorded a gross of earnings of N287.537 billion for the financial year ended December 31, 2022.

The amount represents an increase of 39.15 per cent compared with N206.644 billion reported the previous year.

The company’s result submitted at the Nigerian Exchange showed that profit before tax surged by 52.04 per cent to N100.349 billion from N66.003 billion achieved in the corresponding period of last year. 

Income tax also up by  N10.498 billion or 116.20 per cent from N9.037 billion recorded in 2021 to N19.535 billion at the end of December 31, 2022, bringing profit after tax to N80.814 billion from N56.966 billion reported in the preceding year, representing an increase of 41.86 per cent.

An analysis of the financial result showed that operating expenses rose from N106.647 billion to N129.474 billion.

Interest income went up  to N152.670 billion from N104.751 billion, interest expenses up from N29.379 billion in the corresponding year to N39.559 billion while net interest expenses went up to N113.119 billion against N75.372 billion recorded in 2021.

The board of directors recommended a final dividend of N2.00 per ordinary share of 50 kobo each, which translated to N25,913,994,326.00. The board said that the payment is subject to deduction of appropriate withholding tax and approval, and will be paid to shareholders whose names appear in the Register of  members as at the close of business on Monday 03 April 2023.

The company had paid an interim dividend of N19.436 billion against N12.957 billion paid in 2021, bringing the total dividend payment for the year to N45.350 billion.

Within the year under review the company’s total unclaimed dividend fund went to N4.115 billion against N3.536 billion in the preceding year.

The company also said that N1.105 billion of the fund balance held in an investment account -money in mutual fund managed by Stanbic IBTC Assets management Limited against N1.118 billion invested in the preceding year.