Stanbic IBTC Declares N83.211bn Profit In 2020
Stanbic IBTC Holdings has declared a profit after tax (PAT) of N83.211 billion for the year ended 31st December 2020, representing a surge of 10.9 percent from the N75.035 billion the Group posted in 2019.
According to the Audited 2020 Financials released by Stanbic IBTC on Wednesday, its profit before tax stood at N94.717 billion, rising by 4.17 percent from N90.925 billion in the corresponding year.
The Holdings Total Asset soared by 32.6 percent from N1 876 trillion in 2019 to N2. 488 trillion in 2020, while its Equity is at N378. 601 billion up from N302. 229 billion, which represents a climb of 25.3 percent.
However, Stanbic IBTC’s Income tax dropped by 27.6 per cent year on year to stand at N11.506 billion down from N15.890 billion. Its Loan and advances to customers is put at N625. 138 billion.
The report also shows that liabilities which is at N2. 107 trillion rose by 34 per cent from N1. 574 trillion the previous year while its gross earning increased marginally by 0.27 per cent, from N233.808 billion to N234.446 billion.
The Bank proposed a Final Dividend of 360 kobo per ordinary share of 50 kobo each, that is, N39.98 billion, which according to the bank is subject to deduction of appropriate withholding tax and regulatory approval, adding that it will be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday 07 April 2021
Also, the Income before credit impairment charges rose to N198.924 billion from N186.589 billion, while Operating expense is at N94.272 billion from N94.029 billion in 2019.
The 2020 report also shows that Profit attributable to Non-controlling interests N2.272 billion from N2.373 billion. The Equity holders of the parent jumped to N80.939 billion from N72.662 billion.
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