Stanbic IBTC Nets N18.89bn 2015, Offers 5 Kobo From N1.55 EPS

SHARE:

Post Views: 665 *Settles Face-Off With FRC Finally, the board of Stanbic IBTC Holdings Plc, has presented its audited financials for the year ended De...

CCNN Gets SEC, NSE Approval To Merge With Kalambaina Cement
Value Investing Strategies For Picking Stocks In A Down Market
No-case Submission: Court To Rule On Gwarzo, Suspended SEC DG, April 12

*Settles Face-Off With FRC

Finally, the board of Stanbic IBTC Holdings Plc, has presented its audited financials for the year ended December 31, 2015, to investors after reaching an amicable settlement with the Financial Reporting Council of Nigeria (FRC), according to a statement to the Nigerian Stock Exchange (NSE) on Wednesday.
The group also restated its balance sheet information for 2014 as directed, possibly as part of the settlement terms.
According to result, profit after tax fell by 45.17%, despite the 7.17 per cent increase in gross earnings income, following which the directors have proposed a five kobo dividend Earnings Per Share (EPS) of N1.55, as against the previous year’s N3.17. Payment date is three days after the annual general meeting whose date and venue has not be fixed.
Gross earnings income stood at N140.027 billion, up by N9.373 billion in the year ended December 31, 2015, up from previous year’s N130.654 billion, helped by interest income of N82.686 billion; while interest expenses rose to N38.826 billion as against the previous N24.498 billion.
Income before impairment charges was down from N104.645 billion in 2014 to N100.648 billion; while credit impairment charges jumped from N3.217 billion to N14.931 billion, leaving an income after credit impairment charges of N85.717 billion, a drop from the previous N101.428 billion.
Operating expenses also climbed to N62.066 billion from N57.901 billion, leaving a profit before tax fell by N19.876 billion or 45.66 per cent from N43.527 billion in the corresponding period of 2014, to N23.651 billion; just as a N4.308 billion or 47.5 per cent reduction in income tax left net profit at N18.891 billion, down by N15.568 billion from the N34.459 billion reported in 2014.
Total assets dropped to N937.564 billion in 2015 from the restated December 2014 figure of N941.919 billion , with loans and advances to customers at N353.513 billion from N398.604 billion restated for 2014 December.
Total liabilities was N808.597 billion from N821.675 billion; with customer deposit at N493.513 billion, compared with N494.935 billion.
The FRC, led by Jim Obaze, had on October 25, 2015, suspended the registration (with it) of four directors of the bank, namely: Atedo N.A. Peterside, the group’s founding managing director and now chairman; Mrs. Sola David – Borha, the Chief Executive; Dr. Daru Owei, Chairman, Audit Committee; and Arthur Oginga the erstwhile Chief Financial Officer, who were barred from signing audited financial statements of public companies.
KPMG Professional Services was also hammered was KPMG until its innocence is ascertained.
The directors and KPMG have now been cleared.
The bank allegedly misstated its 2013-2014 financial reports and ceded its banking application rights to its parent company- Standard Bank of South Africa against the directives of National Office for Technology Acquisition and Promotion (NOTAP).
According to FRC at the time: “The schedules supplied to the council by Stanbic IBTC revealed that the total fee paid to KPMG Professional Services for non-audit services was inconsistent with what was disclosed in the financial statements for the years under review”.
A statement by Chidi Okezie, its Company Secretary, dated December 21, 2016, confirmed that the FRC “has lifted the suspension of the FRC Numbers of” the directors, expressing appreciation the NSE and other stakeholders for their support.
The statement promised that Stanbic IBTC would continue to abide by all extant statutes, rules and regulations.
atedo-and-sola

COMMENTS

WORDPRESS: 0
DISQUS: 0