Stanbic IBTC To Pay N19.43 billion Of Its Net Profit To Investors In Dividend Season

Stanbic IBTC management have proposed an interim dividend payout of N1.50kobo per share to shareholders of the financial institution for the period ended June 2022, after recording 36.04% growth in net profit within the first half (H1) of this year.

According to Prime Business Africa analysis, this will gulp 63.3% of Stanbic IBTC’s net profit, as the N1.50 kobo proposed dividend payout represents a total of N19.43 billion. It will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, September 6, 2022.

The register of shareholders will be closed from Wednesday, September 7, 2022 to Wednesday, September 14, 2022, leaving September 6 as the last day to qualify for the dividend payment, which is yet to be approved by the shareholders.

“An Interim Dividend of 1.50 (One Naira Fifty Kobo) per ordinary share of 50 kobo each, that is, =N=19,435,495,745, subject to deduction of appropriate withholding tax and regulatory approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday 06 September 2022.” A statement obtained from the Nigerian Exchange Limited (NGX) reads.

Stanbic IBTC increased its dividend payment to N1.50 kobo for H! 2022, which is higher than the N1 the company paid during the corresponding period ended June last year. This comes as as the profit after tax hit a high of 36.04% year-on-year.

The net profit rose to N30.66 billion in H1 2022, surpassing the N22,54 billion Stanbic Bank had recorded during the same period last year, while its gross earnings shoot up to N133.70 billion in first half this year, as the lender generated more than the N92.89 billion grossed same time last year.