The board of Stanbic IBTC Holdings Plc has proposed the distribution of N9 billion as interim dividend on the first half earnings of the holding company.
Shareholders on the register of the company as at July 31, 2015 will receive a dividend per share of 90 kobo. The dividend will become payable on August 28, 2015.
The dividend recommendation was part of the highlights of the first-half earnings report of the company released yesterday, which showed 11 per cent growth in gross income and steep decline of 40 per cent in net profit.
According to Key extracts of the six-month accounts and report for the period ended June 30, 2015, gross earnings leaped to N68.30 billion in first half 2015 as against N61.72 billion in comparable period of 2014.
Profit before tax however dropped by 52 per cent from N19.95 billion to N9.54 billion. Profit after tax also declined by 40 per cent to N9.70 billion in 2015 as against N16.18 billion in comparable period of 2014. Earnings per share dropped from N1.48 in first half of 2014 to 80 kobo in first-half of 2015.
The company’s balance sheet meanwhile emerged stronger with 22 per cent growth in customers’ deposits within the six-month period.
Total assets closed June 30, 2015 at N1.03 trillion as against N944.54 billion recorded by the year ended December 31, 2014, representing an increase of nine per cent. Customers’ deposits rose by 22 per cent from N494.94 billion in December 2014 to N601.73 billion in June 2015.
Total liabilities jumped by 10 per cent from N830.27 billion to N911.17 billion. Shareholders’ funds also increased by eight per cent from N110.05 billion to N118.76 billion.