The board of directors of Stanbic IBTC Holdings Plc yesterday assured shareholders that the holding company will sustain its growth and positive returns in the years ahead.
At the annual general meeting yesterday in Lagos, the board of the holding company said the outlook remains positive and the company has been positioned to sustain the progress it has made.
At the meeting, shareholders approved payment of N5.02 billion as final dividend for the 2017 business year, bringing total dividend for the year to N11.05 billion. Shareholders will receive a final dividend per share of 50 kobo, in addition to an interim dividend per share of 60 kobo, bringing total dividend per share for the year to N1.10.
Key extracts of the audited report and accounts of Stanbic IBTC Holdings for the year ended December 31, 2017 showed that gross earnings rose by 36 per cent while profit after tax jumped by 70 per cent. The report marked out 2017 as the most profitable year since the inception of the bank. Gross earnings rose to N212.4 billion in 2017 as against N156.4 billion in 2016. Profit before tax increased from N37.2 billion to N61.2 billion while profit after tax rose to N48.4 billion as against N28.5 billion in 2016.
Total assets increased to N1.386.4 trillion in 2017, a 32 per cent growth on N1.053 trillion recorded in 2016. The growth in the balance sheet size was driven mainly by customer deposits, which recorded a growth of 34 per cent to N753.6 billion in 2017 from N561.0 billion in 2016. Gross loans and advances grew by eight per cent to N403.9 billion compared to N375.3 billion recorded in 2016.
Chairman, Stanbic IBTC Holdings Plc, Mr Basil Omiyi, said the group’s dedicated workforce, innovative products and services and high corporate governance standards would help to sustain growth in the years ahead.
According to him, the company has been well positioned to continue to create value for its customers with innovative solutions while taking advantage of potential upsides in the economy to ensure sustainable returns to its shareholders.
“We aim to continue to adopt global best practices that are applicable and relevant to our own business environment. At the same time, we will continue to make significant investments in our people through training across board, as we recognise that growing our people holds the key to our longer term competitiveness,” Omiyi said.
He noted that the group made giant strides and recorded several feats on all fronts in 2017 as it grew assets under custody to a record high of N5.6 trillion, thus maintaining its leadership in the non-pension custodial business. The company’s share price also grew from N15 at the beginning of the year to a record high of N44.30 while closing the year at N41.50.
Chief Executive Officer, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, attributed the performance in 2017 to the hard work and dedication of the staff as well as loyalty of the customers.
He pointed out that a significant growth in profitability was recorded largely driven by very strong performances from the corporate and investment banking and wealth management businesses.
He assured that despite the economic, regulatory and political headwinds in this pre-election year, the company will leverage on its competencies to execute flawlessly in a sustainable manner while creating value for the shareholders.
Shareholders commended the company for the growths recorded across its operations. A shareholder, Patrick Ajudua, said that the positive performance of each subsidiary has shown that the group has carved a niche for itself in every area of its businesses.
President, Pragmatic Shareholders Association of Nigeria (PSAN), Mrs Bisi Bakare commended the management of the company for running the company efficiently despite the tough economic environment.
She however urged the company to ensure consistency in its dividend policy by continuously increasing shareholders’ value.