The Chief Executive Officer, CEO of Stanbic IBTC Holdings Plc, Yinka Sanni has allayed the fears of shareholders, urging them not to worry about the bank’s loans portfolio because they are performing well.
He gave this assurance during the company’s 7th Annual General Meeting, which held in Lagos recently while responding to a shareholder who warned that the board should be wary of the bank’s increasing loan portfolio in order to avoid any incident of writing off debts if loans went bad.
The CEO also acknowledged that there was a rise in the group’s penalties and fine owing to the N1.886 billion fine the Central Bank of Nigeria levied on it for the irregular Certificates of Capital Importation issued to MTN Nigeria Communications Plc between 2007 and 2015. He promised that a similar incident would not repeat itself.
Meanwhile, shareholders of Stanbic IBTC Holdings Plc has approved a dividend payment of N15.36 billion for the 2018 financial year.
The dividend declaration translates to N1.50 for every ordinary share of 50 kobo held by the company’s shareholders whose names appeared on the register of members at the close of business on May 20th, 2019.
The Chairman, Mr Basil Omiyi, who also made the announcement during the company’s AGM recently noted that the company witnessed significant improvement in its key performance indicators.
Total Assets grew by 20% from N1.386 trillion in 2017 to N1.664 trillion in 2018 while the Gross Earnings surged by 5% to N222.360 billion up from N212.434 billion the year before. Profit After Tax rose astronomically by 54%, leaping from N48.381 billion recorded in 2017 to N78.440 billion in 2018.
Omiyi affirmed that the Stanbic IBTC Holding’s commitment to creating investments for its shareholders impacted positively on the bottom line.
He specifically identified the following major growth lines in total assets to be key factors that impacted the group’s performance.