Economy

Stanbic IBTC Grows Profit to N83.2bn, Offers Dividend, Bonus Shares

Published

5 years ago

24/03/2021

By Dipo Olowookere

One of the financial institutions operating in Nigeria that is highly trusted by foreign investors, Stanbic IBTC Holdings Plc, has released its results for the 2020 accounting year.

In the period under review, the lender grew its gross earnings to N234.5 billion from N233.8 billion. However, the interest income reduced to N105.8 billion from N120.4 billion, while the interest expense was down to N31.6 billion from N42.6 billion.

Business Post observed that the decline in the interest income in the period under consideration was due to lower interest on loans and advances to banks, interest on loans and advances to customers and interest on investments.

At the close of business on December 31, 2020, Stanbic IBTC had a net interest income of N74.2 billion in contrast to N77.8 billion in 2019. However, its non-interest revenue rose to N124.7 billion from N108.8 billion.

The fee and commission revenue was slightly up to N75.2 billion from N75.0 billion, while the fee and commission expense reduced to N4.0 billion from N4.6 billion, with the net fee and commission income at N71.2 billion as against N70.4 billion in 2019.

Stanbic IBTC said in the reporting year, it had a trading revenue of N52.1 billion, higher than N36.3 billion a year earlier, while the other income went down to N1.4 billion from N2.0 billion.

The company said staff costs gulped N42.1 billion in 2020 compared with N40.6 billion in 2019, while N52.1 billion was used for other operating expenses versus N53.4 billion in 2019.

With N94.3 billion expended on operating costs in the year, marginally higher than N94.0 billion in 2019 and an income after credit impairment charges of N189.0 billion last year in contrast to N185.0 billion a year earlier, the lender was left with a profit before tax of N94.7 billion as against N90.9 billion in 2019.

After the payment of N11.5 billion as income tax for the year, lower than N15.9 billion paid in 2019, the organisation was left with a net profit of N83.2 billion, higher than N75.0 billion of the preceding year.

Meanwhile, the board of Stanbic IBTC has recommended the payment of a final dividend of N40.0 billion, representing N3.60 for each of the company’s shares with shareholders.

The amount would be paid to shareholders whose names appear on the register of members as at the close of business on Wednesday, April 7, 2021.

Also, the firm is proposing the issuance of bonus shares to investors on the basis of one new ordinary share for every six existing ordinary shares held by them as at the close of business on Thursday, June 10, 2021, though subject to shareholders and regulatory approvals.

On Thursday, May 27, 2021, the Annual General Meeting (AGM) of the company will take place at the IBTC Place on Walter Carrington Crescent, Victoria Island, Lagos, at 10.00am, while on Friday, May 28, 2021, the dividends will be paid electronically to shareholders who have completed the e-dividend registration and mandated the registrar, First Registrars & Investor Services Limited, to pay their dividends directly into their bank accounts.

Economy

11 Plc, FrieslandCampina, CSCS Lift NASD Exchange by 1.38%

Published

1 day ago

04/07/2026

Adedapo Adesanya

By Adedapo Adesanya

Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.

The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.

Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.

Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.

GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Economy

Nigerian Stocks Rebound by 2.19% to Halt Losing Streak

Published

1 day ago

04/07/2026

Dipo Olowookere

By Dipo Olowookere

The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.

The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.

The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.

Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.

Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.

The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.

On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.

During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.

Economy

Naira Trades Flat at Official Market as CBN Makes Minimal FX Intervention

Published

1 day ago

04/07/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.

However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.

At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.

Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.

Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.

Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.

Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.

Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.

Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.

Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.