For the fiscal year that ends on December 31, 2022, Stanbic IBTC Distributes N45.35 Billion In Dividends, an increase of roughly 17% above the N38.87 billion given to shareholders in the fiscal year of 2021.
Shareholders approved a final dividend of N25.91 billion, the same amount for the second year in a row, during the 11th annual general meeting held in Lagos. The group paid an interim dividend of N19.44 billion to shareholders in 2022, up from N12.96 billion in 2021.
The group’s gross revenue increased by 39.15%, from N206 billion in 2021 to N287.54 billion in 2022.Profit before tax (PBT) increased by 52.04 percent to N100.35 billion from N66 billion in 2021, while profit after tax (PAT) increased by 41.86 percent to N80.8 billion from N56.9 billion in the comparable period.
Dr. Demola Sogunle, CEO of Stanbic IBTC Holdings, claimed that the company produced record-breaking financial results and set new high watermarks in key metrics.
According to him, a key factor in the group’s financial success was the customers’ entrenchment program throughout the broad client sectors, including the corporate and investment banking, business and commercial, consumer, and high net-worth clients.
The continued growth risk assets, which increased by 31% to N1.2 trillion, the assets under management, and the assets under custody, which increased by 12% and 1%, respectively, all contributed to the group’s financial performance, according to Sogunle.
He said that the group’s life insurance division saw a roughly 200 percent increase in gross written premium. In spite of the difficult macroeconomic environment, the group maintained a high level of liquidity and capital, according to Sogunle.
Basil Omiyi, the chairman of Stanbic IBTC Holdings, claimed that the group’s business models and goals were strong because of its competitive position, favorable risk profile, healthy funding situation, and liquidity position.
Despite the extremely difficult macroeconomic conditions, he claimed, the group’s growth in 2022 showed that its ongoing investments in technology, human resources, and new capabilities were profitable.
However, Omiyi said that as the organization’s transformation into a platform business continues, the board is sure that the top management will hit key milestones in 2023.