BY BAMIDELE FAMOOFO
The shareholders of Stanbic IBTC Holdings, Nigeria’s leading investment banking group, will share about N19.5billion as half year dividend.
Shareholders whose names appear in the register of members as at close of business on Tuesday September 6, 2022 will qualify for the largesse. The dividend translates to N1.50 per ordinary share of 50 kobo each of the Holding Company.
“On the H1 22 Earnings per Share (EPS) of N2.26, the board has proposed a record-high interim dividend of N1.50/ share (+50.0% y/y). This implies an interim dividend yield of 4.9 percent on Wednesday’s closing price,” the Holding Company disclosed.
Stanbic IBTC Holdings released its half year 2022 audited results after the market closed on Tuesday, August 23, 2022. The group reported Pre-tax profits growth of 61.8 percent year on year (y/y) and Net profits growth of 37.8 percent y/y.
For the second quarter 2022 standalone, Pre-tax profits rose by 60.0 percent y/y, and Net profits were up 37.8 percent y/y.
On balance, earnings were buoyed by the rise in both Net interest income and Non-interest revenues.
However, when annualised, Net profits were behind our and consensus forecasts for FY 22 by 14.1 percent and 15.5 percent, respectively, owing to a negative surprise on the tax expense line.
The market’s reaction to the results was positive, as stock rose 8.9 percent on Wednesday, buoyed by the increased dividend and the double-digit earnings growth. Year-to-date, the stock is down 15.3 percent.
