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Stanbic IBTC reduces NPL to 3.9%, declares N15.36bn dividend

By Peter Egwuatu

STANBIC IBTC Holdings Plc reduced its Non Performing Loan, NPL, to 3.9 per cent in the financial year ended December 31, 2018 from 8.6 per cent in the corresponding period of 2017.

The bank’s Chairman, Mr. Basil Omiyi, who revealed this while speaking at the group’s seventh Annual General Meeting, AGM, in Lagos also said the group will continue to focus in creating more investment for shareholders during the year.

The shareholders at the AGM, approved the dividend payment of N15.36billion proposed by the board of directors for the 2018 financial year.

A shareholder, Chief Shotunde Sopeju, urged the board to pay close attention to the growing level of loans and ensure that the loans were performing to avoid writing off debts if they went bad.

IBTC

While thanking the shareholders for their commendation, Chief Executive, Stanbic IBTC Holdings Plc, Mr Yinka Sanni, assured that the Company will not relent in its efforts to continue to deliver value to shareholders and other stakeholders.

“We will continue to leverage on our universal financial services capability, unrelenting focus on cost control, digitization and client centricity while operating as an ethical organisation to ensure that we continue to grow our capacity to provide incomparable high quality end-to-end financial solutions to our customers in a sustainable manner and remain profitable as a group,” Sanni said.

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Responding to shareholders’ questions, the Group Chief Executive Officer, Stanbic IBTC Holdings, Mr Yinka Sanni, said the shareholders need not nurse any fear as the bank’s loans were performing.

He said though the level was increasing, it was still within the risk appetite of the company.

 

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