Stanbic IBTC Proft Falls 52.8% In H1 2021
Stanbic IBTC Bank Plc has recorded a 52.8 per cent decline in its Profit Before Tax (PBT) for the period ended 30 June 2021, falling from N52.406 billion to N24.707 billion.
According to its financial report for the period ended June 30th 2021 released on Monday, the Group also reported a sharp fall in its Profit After Tax for the half-year. The bank’s profit for the period stands at N22.543 billion down from N45.204 billion, which represents a 50.1 per cent depreciation.
Also, Stanbic IBTC paid tax expenses of N2.164 billion up from N1.2 billion recorded the corresponding year. The tier – 2 bank’s Gross earnings also fell by 26.05 per cent to stand at N93.592 billion in June 2021 down from N126.570 billion of the previous year.
According to the half-year report, the lender’s Asset currently stands at N2.427 trillion, while its total equity is at N346.441 billion and Liabilities are put at N2.080 trillion.
Amid the negative trajectory of the Half-year Financials, however, the Bank’s Customers deposits grew by 16.9 percent to N958.370 billion up from N819.944 billion.
Meanwhile, the Board of Stanbic IBTC has approved a N12.957 billion in interim dividend to its shareholders.
Chidi Okezie, its Company Secretary in a disclosure stated “An Interim Dividend of 1.00 (One Naira) per ordinary share of 50 kobo each, that is,N12,956,997,163, subject to deduction of appropriate withholding tax and regulatory approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Monday 20 September 2021.”
Okezie also disclosed that the interim dividend would be paid electronically on 29th September 2021.
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