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Stanbic IBTC shareholders okay N5.02bn dividends

By Nkiruka Nnorom

Shareholders of Stanbic IBTC Holdings Plc, yesterday, at the sixth Annual General Meeting in Lagos, unanimously endorsed the N5.02 billion total dividend recommended by the Board of Directors for the year ended December 31, 2017, while seeking for increased dividend payment.

The dividend approved amounted to 50kobo per ordinary share of 50kobo each.

Speaking, Chairman, Mr. Basil Omiyi, said deposit money banks demonstrated resilience amidst macro-economic challenges.

He stated that Stanbic IBTC Holdings made a quantum leap in almost all of its key performance metrics, culminating in a Return-on-Equity, ROE, of over 28 percent.

He said the group’s total assets increased by 31.6 percent to N1.39 billion from N1.05 billion as at December 31, 2016 due to positive growth in business activities and change in foreign exchange rate for foreign currency translation.

Also speaking, Mr. Yinka Sanni, Chief Executive, Stanbic IBTC Holdings Plc, said: “Our business recorded significant strides despite the recessionary trends and other economic headwinds, leveraging on our competencies to provide best-in-class services to our customers and stakeholders, while deploying efficient cost management initiatives.”

 


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