Stanbic IBTC Cuts 2021 Final Dividend To N2.00, On 31.54% Profit Sag

Directors of Stanbic IBTC Holdings Plc, on Friday presented its audited result for the full-year ended December 31, 2021, proposing a 44.44% shave in final dividend to N2.00, compared to prior year’s N3.60 each, for consideration to shareholders at the next annual general meeting after gross earnings income fell by 12.22%, and net profit by 31.54%. The board is proposing a total final payout of N25.914bn, from N39.082bn; after an interim dividend of N12.957bn earlier paid, compared to N4.442bn; from the net profit for the period of N56.966bn, against N83.211bn in the corresponding period of 2020. The numbers could have been worse, but for the net impairment write back of N1.505bn, compared to a N10.774bn loss in the prior year.

The full-year result showed that gross earnings fell from N234.446bn to N205.792bn, after interest income fell slightly from N105.77bn to N104.751bn; and interest expense from N31.561bn to N29.379bn. Non-interest revenue amounted to N95.773bn from N74.215bn; of which net fee and commission income at N82.877bn, rose from N71.19bn. Fee and commission revenue of N88.321bn from N75.151bn; just as fee and commission expense rose from N3.961bn to N5.444bn. Trading income suffered a decline from N52.11bn to N13.286bn; while other loss stood at N0.566bn from an income of N1.409bn; while income before credit impairment charges amounted to N171.145bn, dropping from N198.924bn; and after credit impairment charges at N172.65bn from N188.15bn.

Operating expenses for the period increased from N93.433bn to N106.647bn from N93.433bn; staff costs was flat at N42.041bn, down from N42.143bn; while other operating expenses rose from N51.29bn to N64.606bn. Profit before tax fell from N94.717bn to N66.003bn; income tax charge dropped from N11.506bn to N9.037bn. Earnings Per Share for the period fell from N6.25 to N4.20 each.