The board of Stanbic IBTC Holdings Plc at the weekend published its audited financials for the year ended December 31, 2022, highlights of which included the 39.14% growth in gross earnings from N206.644bn in the corresponding period of 2021, to N287.537bn, helped by the improved interest income and 161.08% jump in trading revenue in the period under review.
Other highlights for the period include the profit after tax of N80.814bn, compared to N56.966bn, which translated to earnings per share of N6.03, compared to the previous N4.20 each.
The directors have recommended a total dividend of N45.35bn from N38.871bn, broken down into interim dividend of N19.436bn from N12.957bn earlier paid, and a proposed final dividend amounting to N25.914bn, the same as was proposed in the previous year. According to a filing by the directors to the Nigerian Exchange, the company has proposed a final dividend of N2.00 payable to shareholders whose names appear in the register of members as of close of business on Monday, April 3, 2023. Electronic payment of the final dividend proposed is slated for Friday, May 26, 2023, the day after the Annual General Meeting in Lagos.
According to the financials, Interest income rose from N104.751bn to N152.67bn, a breakdown of the figure showed that the lion’s share was the N88.279bn from the corporate and investment banking segment, compared to N57.723bn in the preceding year; followed by business and commercial clients segment at N42.136bn, which was an improvement over the N29.335bn in the previous year; while consumer & high net worth clients contributed N22.255bn from N17.693bn. Interest expense growth was subdued, rising to N39.551bn from N29.379bn; fee and commission revenue improved from N82.321bn to N96.065bn, while expense dropped marginally from N5.444bn to N5.006bn. Insurance premium received soared to N2.933bn from N852m; insurance revenue ceded to reinsurers equally rose to N1.078bn from N354m; and insurance benefits and claims paid from N322m to N1.789bn. Trading revenue soared from N13.286bn to N34.687bn; even as other income stood at N1.182bn, compared to the previous year’s N566m loss; bringing net interest revenue to N126.994bn from N95.773bn.
Income before credit impairment charges stood at N240.113bn from N171.145bn; net impairment charge soared to N10.29bn, compared to the previous year’s write-back on financial instruments amounting to N1.505bn; following which income after credit impairment charges amounting to N229.823bn, up from N172.65bn. Operating expenses rose from N106.647bn in the preceding full-year, to N129.474bn, comprising the staff costs of N50.996bn from N42.041bn; while other operating expenses rose to N64.606bn to N78.478bn. Profit before tax rose to N100.349bn from N66.003bn; just as income tax charge jumped to N19.535bn from N9.037bn;
A breakdown of the profit showed that N52.201bn, up from N29.978bn was derived from the corporate and investment banking segment, followed by N15.892bn from consumer and high networth clients.
On the balance sheet, total assets rose to N3.029tr from N2.742tr, the bulk of which was the customer loans and advances, which increased from N921.044bn to N1.204tr; while total liabilities rose marginally from N2.365tr to N2.621tr, boosted by deposit and currents accounts which grew from N1.558tr to N1.73tr.