Stanbic IBTC to pay interim dividend of N25.9bn 

Stanbic IBTC is set to pay interim dividend totaling to N25.9 billion in the first half of 2024 financial year.

The amount to be paid translated to N2.00 per ordinary shares of N50 Kobo each held by investors as at the close of business on September 18, 2024.

The group gave the approval following its release of second quarter result which showed a remarkable growth of 80.4 per cent in profit before tax and rise in total assets by 37.1 per cent.

The bank also said that the payment will be subject to deduction of appropriate withholding tax and regulatory approval, adding that the dividends would be paid electronically on Monday, September 30, 2024, to  shareholders who have completed their e-dividend registration.

According to the Stanbic IBTC corporate disclosure action notice, “On Monday, 30 September 2024, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of the close of trading on Wednesday, 18 September 2024, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.”

Meanwhile the group posted pre-tax profit of N84.2 billion at the end of second quarter financial year, representing an increase of 84.4 per cent compared to the level recorded in the same period of 2023. 

The growth was largely driven by a surge in interest income earned from loans to customers and interest income from investments.

Interest on loan and advances to customers rose from N91.1 billion in 2023 half year result to N183.1 billion at the end of June 2024.

Interest on investments also up from N16.7 billion in the preceding year to N56.1 billion in the second quarter of 2024.