Stanbic IBTC Holdings Plc has declared a final dividend of N2.00 per share, totalling N25.914 billion, to be paid to shareholders whose names appear in the register of members as at the close of business on April 3, 2023.
The firm grown its net profit to N80.81 billion in the year ended December 31, 2022.
The company’s audited results released on the Nigerian Exchange, at the weekend, revealed that, net profit grew by 42 per cent to N80.81 billion as against N56.97 billion in 2021, while earnings per share rose to N6.03 from N4.20 in December 2021.
Gross earnings for the period stood at N287.53 billion, representing 39 per cent increase from N206.64 billion in 2021. Net interest income increased by 50 per cent to N113.11 billion compared to N75.37 billion, while non-interest revenue up by 33 per cent from N95.77 billion in 2021 to N127.00 billion in 2022.
Total operating income went up by 240.11 billion as against N171.15 billion in the corresponding period of 2021.
From the balance sheet position, the Group reported N1.24 trillion gross loans & advances in 2022, while customers deposits increased by 11 per cent to N1.25 trillion in 2022 from N1.133trillion reported in 2021. Also, the company recorded a total asset of N3.029 trillion higher than N2.743 trillion reported in 2021.
Speaking on the results, chief executive, Stanbic IBTC, Dr Demola Sogunle, in a statement, said: “despite the volatile macro-economic indicators, coupled with varying regulatory burdens, we made substantial progress towards achieving our set financial goals based on our guidance for the year.
“We recorded growth in our profit metrics, loans and advances, and deposits during the year.
after tax increased by 42 per cent to N80.81 billion, being the second highest PAT in the history of the organisation.”
According to him, “we exceeded our guidance for loan growth as gross customer loans increased by 31 per cent to N1.24 trillion, attaining the one-trillion-mark as we continue to support our clients in achieving their financial goals.
“We will continue to extend loans in a responsible manner and in line with our established credit risk management practices. The increase in our loan book was funded by a 11 per cent YoY growth in customer deposits. The current account to savings account ratio increased to 71.7 per cent, exceeding our target of at least 70 per cent due to accelerated growth in low-cost deposits.”
In 2023, Sogunle stated that the firm will focus on its theme for the year, ‘Accelerating Growth’. “We aim to accelerate growth in the areas such as digitisation, customer focused initiatives, ecosystems, and partnerships as well as value chain banking, all in a bid to deliver value to our esteemed stakeholders,” he said.