Stanbic IBTC profit hits N140bn, to pay N28.5 billion final dividend

Stanbic IBTC has reported a net profit of N140.6 billion in 2023, marking a 74% growth from the N80.7 billion posted in 2022.

Even as the group’s gross earnings hit N461.1 billion in FY 2023, representing a 62% increase from the N284.9 billion gross earnings posted in 2022.

The group’s major source of earnings was interest income which hit N270.6 billion, marking a 77% increase from the N152.7 billion reported in 2022. The group also recorded N110.3 billion in revenue from fees and commissions in 2023, representing a 21% increase from the N91.1 billion posted in 2022.

For the period ending December 31, 2023, the group is proposing a final dividend of N2.20 per share to its shareholders, totalling N28.5 billion.

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In September 2023, the group distributed an interim dividend of N1.50, amounting to N19.4 billion, thus reaching a total dividend payout of N47.9 billion for 2023, a 6% rise from the N45.4 billion paid in 2022.

Like other banking institutions in 2023, Stanbic IBTC enjoyed bumper earnings from increased interest rates in the country.

Despite a 50% increase in impairment losses on financial assets, the group’s balance sheet displayed a level of stability.

The group’s total assets for 2023 recorded a 70% growth to N5.1 trillion, from the N3.0 trillion posted in FY 2022. This growth in asset was driven to a 69% increase in the group’s loans and advances as well as the 108% growth in cash and cash equivalents.