Stanbic IBTC Holdings, irrespective of sector headwinds in 2016, delivered its audited financial result for the period ended December 31, 2016, posting real growth in key measuring indices and rewarding investors with dividend.
The result delivered by the Nigerian Stock Exchange (NSE) on Wednesday showed that The group’s gross earnings for the financial year closed at N156.43 billion, against N140.03 billion recorded in 2015. The company posted N2.53 billion gross earnings, from N10.99 billion recorded in 2015.
The bank proposed a final dividend of 5kobo per share, having paid interim dividend in 2016. The dividend represents a yield of 0.3 per cent based on Wednesday’s close price for its stock.
The result further showed Profit before tax of N37.21 billion for the group, against N23.65 IN 2015. However the company’s performance was subdued as PBT stood at N1.50 billion, from N9.90 billion in 2015 PBT.
The result published by the NSE further showed that Net interest income for the group in 2016 was N57.86 billon against N43.86 in 2015, Interest income for the year was N87.47 billion from N82.69 billion
Interest expense for the group stood at N29.61 billion from N38.83 billion in 2015, interest expenses for the company in 2015 was N97 billion.
Operating expenses for the group in 2016 rose to N69.04 billion from N62.66 billion in 2015, the company posted N930 million operating expenses in 2016, from N1, 088 billion
Credit impairment charges on loans and advances 19,803 14,931
Profit for the year 2016 closed the year higher at N28.52 billion, from N18.89 billion in 2015, while Income tax N8.69 billion was affected in 2016, over N4.76 billion in 2015.
The bank disclosed that of the fact that its Director, Mr. Basil Omiyi has attained the age of 70. The Board will at its forthcoming Annual General Meeting (AGM) also present for the approval of shareholders the appointment of Mr. Yinka Sanni as an Executive Director on the Board. Mr. Sanni is being appointed specifically as Chief Executive of the Company.
The company is a member of the Standard Bank Group, which holds a 53.2 per cent equity holding (through Stanbic Africa Holdings Limited) in the company.
Standard Bank Group (“SBG”) is committed to implementing initiatives that improve corporate governance for the benefit of all stakeholders. SBG’s board of directors remains steadfast in implementing governance practices that comply with international best practice, where substance prevails over form. Subsidiary entities within SBG are guided by these principles in establishing their respective governance frameworks, which are aligned to SBG’s standards in addition to meeting the relevant jurisdictional requirements in their areas of operation.
Leave a Comment
You must be logged in to post a comment.