A 74% increase from the N80.7 billion reported in 2022 to the N140.6 billion recorded in 2023 is seen in Stanbic IBTC‘s net profit.
Despite this, the group’s total earnings in FY 2023 were N461.1 billion, a 62% rise over the N284.9 billion reported in 2022.
Interest income accounted for N270.6 billion of the group’s total revenues, a 77% increase over the N152.7 billion recorded in 2022. Additionally, the group reported N110.3 billion in fees and charges in 2023, a 21% increase over the N91.1 billion reported in 2022.
2023 dividend payments
The firm is recommending to its shareholders a final dividend of N2.20 per share, or N28.5 billion, for the period ending December 31, 2023.
The group paid N19.4 billion in dividends overall for 2023—a 6% increase from the N45.4 billion paid in 2022—after distributing an interim dividend of N1.50 in September 2023.
Things to be aware about
Stanbic IBTC, like other financial institutions in the nation, reaped substantial profits in 2023 as a result of rising interest rates.
Although impairment losses on financial assets increased by 50%, the group’s balance sheet showed some resilience.
The total assets of the group increased by 70% to N5.1 trillion in FY 2023 from N3.0 trillion in FY 2022. The group’s loans and advances increased by 69%, while its cash and cash equivalents increased by 108%, which contributed to the asset expansion.
Stanbic IBTC must increase its capital base from the current N109.3 billion to the N200 billion needed for banks in its category in order to comply with the new CBN capital base standards for banks.
Source: NairaMetrics