Despite decreased earnings, Stanbic IBTC declares improved interim dividend of N12.96 billion.

Despite recording a slump in most of its key financial metrics for the half year period ended June 30, 2021, Stanbic IBTC Holdings Plc has declared an improved interim dividend of N1.00 per ordinary share of 50 kobo each.

The proposed interim dividend indicates a gain of about 150% when compared to the amount declared in the corresponding period of last year (HY 2020: 40 kobo). It is pertinent to note that the declared dividend will be paid on each of the outstanding 12,956,997,163 ordinary shares of the bank, amounting to N12.96 billion.

The banking giant in a recent notice filed with the Nigerian Exchange Limited (NGX), revealed that the dividend which is 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 Monday, September 20, 2021.

The dividends will be disbursed electronically to qualified shareholders on Wednesday, September 29, 2021. Qualified shareholders in this context means shareholders whose names appear on the company’s register as at the aforementioned date, and who have completed the e-dividend registration, mandating the Registrar to pay their dividends directly into their Bank accounts.

While the Register of Shareholders will be closed from September 21 to September 28, 2021, Qualification Date has been scheduled for Monday, September 20, 2021.

 Stanbic IBTC Half Year Review

Recall that Stanbic IBTC had earlier released its financial results for the half year period ended June 30, 2021. The bank’s gross earnings for the period under review stood at N93.6 billion, compared to N126.6 billion recorded in corresponding period of 2020, indicating a decline of about 26.1%.

The bank’s Profit before tax also slumped by 52.9%, from N52.41 billion recorded in HY 2020 to N24.71 billion. Profit after tax also declined by about 50.13% to N22.54 billion. Consequently, earnings per share (EPS) slumped to N1.92K, down from N4.19K recorded in the comparable period in 2020.

What you should know:

  • An interim dividend is a type of dividend that is declared and distributed by a company to its shareholders prior to the determination of final profit position for the financial year. Before interim dividends are paid, the company’s financial statements will also be audited.
  • Stanbic IBTC closed trading today 6th of September, 2021 with a share price of N39.20.

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