Stanbic IBTC Holdings has announced an interim dividend of N2.00 per ordinary share of 50 kobo each, amounting to a total payout of N25.9 billion. This development was disclosed in a corporate action statement released by the Nigerian Exchange Group (NGX), highlighting the bank’s strong financial performance during the year.
The announcement comes on the heels of Stanbic IBTC’s impressive second-quarter financial results, which saw an 80.4% year-on-year increase in pre-tax profit. In addition, the bank reported a notable 37.1% rise in total assets. These results reflect the company’s robust performance and its ability to generate strong returns for shareholders.
The total interim dividend of N25.9 billion covers the period ending June 30, 2024. According to the corporate statement released on September 4, 2024, shareholders listed in the company’s records by September 18, 2024, will be eligible to receive the dividend. It’s important to note that the dividend remains subject to withholding tax, as well as necessary regulatory approvals.
The bank also announced that the shareholders’ register will be closed between September 19 and September 25, 2024, in preparation for the distribution of the interim dividend.
Dividends will be paid electronically on Monday, September 30, 2024, to registered shareholders who have completed their e-dividend registration. This process will be handled by the company’s registrar, First Registrars & Investor Services Limited, ensuring a smooth and efficient electronic payment process.
The impressive growth figures reported by Stanbic IBTC reflect the bank’s ongoing commitment to delivering value to its investors. The substantial increase in pre-tax profit and total assets indicates that the bank is well-positioned for continued growth in the competitive Nigerian banking sector.
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This interim dividend, coupled with the financial results, sends a positive signal to investors about the bank’s future prospects.
By paying out a significant interim dividend, Stanbic IBTC demonstrates confidence in its financial stability and commitment to maintaining strong shareholder relations. Investors who have yet to complete their e-dividend registration are encouraged to do so promptly to ensure they receive their dividend without delay.
Overall, the bank’s strong financial performance and substantial dividend payout underscore its ability to deliver consistent returns in a dynamic economic environment, reaffirming Stanbic IBTC’s position as one of Nigeria’s leading financial institutions.
In its corporate actions disclosure, Stanbic IBTC Holdings urged shareholders who have not completed their e-dividend registration to do so by visiting the registrar’s website.
The bank stated that dividends would be paid electronically on Monday, September 30, 2024, to shareholders listed in the Register of Members as of Wednesday, September 18, 2024, who have completed their e-dividend registration and authorized payments directly into their bank accounts.
Shareholders yet to complete the process are encouraged to download the E-Dividend Mandate Activation Form from the registrar’s website. Those with unclaimed dividend warrants or share certificates are advised to register or contact the registrar.
Stanbic IBTC’s stock has shown a strong recovery, rising from N49.50 in April to N58.40 in early September. With three consecutive months of positive performance and an interim dividend announcement, investor sentiment is expected to remain bullish, potentially driving the share price higher. Strong operational performance and financial growth in 2024 reflect the bank’s solid fundamentals.