By Kehinde Akinseinde-Jayeoba | Lagos
THE board of Stanbic IBTC Holdings Plc in its audited financials for the year ended December 31, 2022, has highlighted impressive result of which included the 39.14 per cent growth in gross earnings from N206.644 billion in the corresponding period of 2021, to N287.537 billion.
The increase in earnings was buoyed by the improved interest income and 161.08 per cent jump in trading revenue in the period under review.
Other highlights for the period include the profit after tax of N80.814 billion, compared to N56.966 billion, which translated to earnings per share of N6.03, compared to the previous N4.20 each.
The directors have recommended a total dividend of N45.35 billion from N38.871 billion, broken down into interim dividend of N19.436 billion from N12.957 billion earlier paid, and a proposed final dividend amounting to N25.914billion, the same as was proposed in the previous year.
According to a filing by the directors to the Nigerian Exchange, the company has proposed a final dividend of N2.00 payable to shareholders whose names appear in the register of members as of close of business on Monday, April 3, 2023. Electronic payment of the final dividend proposed is slated for Friday, May 26, 2023, the day after the Annual General Meeting in Lagos.
According to the financials, Interest income rose from N104.751 billion to N152.67 billion, a breakdown of the figure showed that the lion’s share was the N88.279 billion from the corporate and investment banking segment, compared to N57.723 billion in the preceding year; followed by business and commercial clients segment at N42.136 billion, which was an improvement over the N29.335billion in the previous year; while consumer & high net worth clients contributed N22.255 billion from N17.693billion.
Interest expense growth was subdued, rising to N39.551bn from N29.379billion; fee and commission revenue improved from N82.321billion to N96.065billion, while expense dropped marginally from N5.444billion to N5.006billion.
Insurance premium received soared to N2.933billion from N852million; insurance revenue ceded to reinsurers equally rose to N1.078billion from N354million; and insurance benefits and claims paid from N322million to N1.789billion.
Trading revenue soared from N13.286billion to N34.687billion; even as other income stood at N1.182billion, compared to the previous year’s N566 million loss; bringing net interest revenue to N126.994billion from N95.773billion.
Income before credit impairment charges stood at N240.113billion from N171.145billion; net impairment charge soared to N10.29billion, compared to the previous year’s write-back on financial instruments amounting to N1.505billion; following which income after credit impairment charges amounting to N229.823billion, up from N172.65billion.
Operating expenses rose from N106.647billion in the preceding full-year, to N129.474billion, comprising the staff costs of N50.996billion from N42.041billion; while other operating expenses rose to N64.606billion to N78.478billion.
Profit before tax rose to N100.349billion from N66.003billion; just as income tax charge jumped to N19.535billion from N9.037billion;
A breakdown of the profit showed that N52.201billion, up from N29.978billion was derived from the corporate and investment banking segment, followed by N15.892billion from consumer and high networth clients.
On the balance sheet, total assets rose to N3.029trillion from N2.742tr, the bulk of which was the customer loans and advances, which increased from N921.044billion to N1.204trillion; while total liabilities rose marginally from N2.365 trillion to N2.621trillion, boosted by deposit and currents accounts which grew from N1.558trillion to N1.73trillion.
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