Stanbic IBTC Holdings Plc, financial institutions in the Financial Services sector has announced gross earnings increased by 0.27%, profit before tax increased by 4.17% and profit after tax increased by 10.90% by for the year ended 31 December 2020.
The directors’ recommended the approval of a final dividend of 360 kobo per share (31 December 2019: 200 kobo per share) for the year ended 31 December 2020.
Highlights of the operating results for the year under review are as follows:
- Gross Earnings grew by 0.3% to N234bn from N234bn in the previous quarter.
- Profit before tax grew by 95% to N91bn.
- Profit after tax grew by 11% to N83bn.
- Net Assets grew by 25% from N302bn to N379bn.
Dividend history and unclaimed dividend as at 31 December 2020
The total unclaimed dividend fund as of 31 December 2020 amounted to N3,183 million (Dec. 2019: N2,711 million).
A sum of N1,394 million of the fund balance is held in an investment account (money market mutual fund) managed by Stanbic IBTC Asset Management Limited (Dec. 2019: N1,239 million), while the balance is held in demand deposits maintained with Stanbic IBTC Bank PLC.
Total income earned on the investment account and recognised by the company for the year ended 31 December 2020 was N54.5 million (Dec. 2019: N149 million).