By Financescape
Stanbic IBTC Bank plc one of the tier-one lenders in Nigeria has released its Half-year financial statement for the period ended June 30, 2019. The group’s gross earnings increased by 2.77% to N 117,374 million from N114,207million in the corresponding period in 2018.
Net interest income decreased by 2.1% to N39,310 million in Q2 2019 from 40,169 Q2 2018. Non-interest revenue increased by 1.9% in Q2 2019 to N54,852 million from N53,828 million in Q2 2018,
The operating Expences increase by 2.6% to N50,069 in Q1 2019 from N48,775 in Q2 2018.
Profit Before Tax drop by 11.99% to N44,650 million in June 2019 from N50,730 million in 2018.
Profit after tax drop by -15.87% to N36,245 million in 2019 from N43,084 million in the corresponding period of 2018,
Earning per share has decreased by 17.19% to 342 kobos from 413 kobos.
The Board of Directors of the Bank is proposing an interim dividend of N1 per ordinary share subject to deduction of appropriate withholding tax and regulatory approval, The dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday 04 September 2019.
In line with the Authority granted by Shareholders to the Board of Directors (“the Board”) at the Extra Ordinary General Meeting held on 06 August 2015, the Board has authorized that Shareholders will have the option of electing to receive their Interim Dividends by way of New Ordinary Shares (“Scrip Dividend”). In view of this, and in order to allow ample opportunity for Shareholders who may wish to exercise the option of receiving Scrip Dividend instead of Cash Dividend, the Dividend Payment date in respect of this Interim Dividend shall be on Thursday 03 October 2019.
