Stanbic IBTC Records ₦83Bn PAT in 2020, Proposed ₦3.60K Final Dividend

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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.

Stanbic IBTC Records ₦83Bn PAT in 2020, Proposed ₦3.60K Final Dividend Brandspurng

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.

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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).